## Bitcoin ETFs Record Strongest Inflows Since July, Push Holdings to New High

Bitcoin exchange-traded products (ETPs) globally saw a net inflow of **20,685 BTC** last week, marking the strongest weekly intake since July 22, according to digital assets firm K33 Research. This surge in demand has lifted U.S. spot Bitcoin ETFs' combined holdings to **1.32 million BTC**, surpassing the previous peak set on July 30.

U.S. Bitcoin ETF products contributed nearly **97%** of these inflows, highlighting a significant increase in investor appetite ahead of the FOMC meeting. André Dragosch, head of research for Europe at Bitwise Investments, emphasized that Bitcoin ETF inflows are a key determinant of Bitcoin's performance, with their explanatory power reaching an all-time high.

There appears to be a 're-rotation' from Ethereum back to Bitcoin in terms of investor flows, as flows into Bitcoin ETFs have surpassed new supply growth by a factor of **8.93 times**. This imbalance acts as a key tailwind for Bitcoin's recent strength.

Analysts at K33 agree that flows have been a primary driver of Bitcoin's resilience since ETF approvals last year, and the latest surge signals accelerating demand that could support further price gains. Over the last 30 days, investors accumulated approximately **22,853 BTC** through various products, outpacing the new supply of **14,056 BTC**.

Fidelity’s FBTC product was a major contributor, with an **$843 million** net inflow representing 36% of the total $2.34 billion across all funds, hitting an 18-month high. The rise in risk appetite is driven by soft inflation data, rate cut expectations, and a flurry of major crypto-related IPOs and announcements last week.

However, despite these positive inflows, trading activity remains tepid, and **volatility is historically low**. Bitcoin's seven-day volatility dropped to yearly lows of less than **0.7%** last week before rising modestly as prices climbed above $115,000. This marks 11 consecutive days of below 1.3% volatility, the second-longest stretch this year.

Implied volatility, which gauges future market expectations via options data, is also near multi-year lows. With muted trading, high offshore leverage, and no major immediate catalysts beyond the FOMC meeting, directional signals for Bitcoin are mixed, suggesting a cautious outlook in the short term.

Despite record inflows in Bitcoin products, highlighting investor demand, directional signals for Bitcoin remain mixed due to low volatility.

Bitcoin ETFs Shatter Records with Massive Inflows, But What's Next for Prices?

## Kraken Co-CEO's Bitcoin Blunder

When it comes to investments, hindsight can be painfully clear—a lesson that **Kraken co-CEO Arjun Sethi** learned the hard way. In a recent interview at Fortune's Brainstorm Tech conference, Sethi shared a startling confession: he once discarded a desktop computer containing Bitcoin gifted to him in 2009, which would be worth an estimated **$300 million to $400 million** today.

### The Story Behind the Loss

Sethi explained that one of his developers from his first company gave him the desktop with mined Bitcoin back in 2009, when Bitcoin's value was nearly zero. Today, with Bitcoin trading above **$115,000**, that early stash represents a massive missed opportunity. This incident highlights the unpredictable nature of emerging technologies and the risks of overlooking their potential.

### Sethi's Role and Insights

Arjun Sethi is not just the co-CEO of Kraken but also the chairman and co-founder of Tribe Capital, known for his work in bridging operating leadership with venture investing in crypto and frontier technology. He stepped into the co-CEO role at Kraken in October 2024 after serving on the board since 2021, leading alongside David Ripley. Kraken, the crypto exchange he now heads, was last valued at **$15 billion**.

In the same interview, Sethi discussed the volatile crypto market, stating that while he believes crypto is not in a long-term bubble when viewed over 15 years, it frequently experiences short-term bubbles quarter by quarter. This nuanced perspective adds depth to the ongoing debate about market cycles in cryptocurrency.

### A Common Tale of Regret

Sethi isn't alone in his remorse. James Howells, a UK man, claims his partner accidentally threw away a hard drive with **7,500 Bitcoin**, now worth about **$873 million**. He has even offered to buy the landfill where he believes it's buried. As of mid-March 2024, there are approximately **1.75 million Bitcoin wallets** that have been inactive for ten years or more, though it's unclear how many are truly lost versus dormant.

This phenomenon of lost investments extends beyond crypto. Founders of major companies like **YouTube, Reddit, and Instagram** reportedly missed out on billions by selling their stakes too early, underscoring a universal lesson in patience and foresight in investing.

The Fortune Global Forum is set to return on October 26–27, 2025, in Riyadh, bringing together CEOs and global leaders to discuss the future of business.

Kraken co-CEO Arjun Sethi says he threw away the Bitcoin gifted to him in 2009. 

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