Spot Bitcoin (BTC) exchange-traded funds have witnessed more than $19.3 billion of net inflows this year, according to Eric Balchunas, a Bloomberg ETF analyst.

Balchunas tells his 319,100 followers on the social media platform X that the number is “surprisingly strong” and argues that it is the most important bellwether of success given Grayscale’s GBTC unlock and net price movement.

Balchunas also notes US ETFs are on pace to pace Satoshi Nakamoto, Bitcoin’s pseudonymous creator, as the top holders of BTC.

“BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very long time.”

The Bloomberg analyst also argues that ETF holders offer the top crypto asset some stability in the face of volatility.

“So IBIT investors woke up on Monday to a -14% move over the weekend after stomaching an 8% decline the week prior and what did they do? ABSOLUTELY NOTHING. $0 flows. Compared to some of these degens these boomers are like the Rock of Gibraltar. You guys are so lucky to have them.”

IBIT is BlackRock’s iShares Bitcoin Trust.

BTC is trading at $60,719 at time of writing. The top-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours and more than 8% in the past week.

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In a recent speech for the Texas Blockchain Council, U.S. Senator Ted Cruz referred to Bitcoin as an energy safety blanket for Texas’s grid infrastructure.

Cruz described Bitcoin (BTC) as a “reservoir of power,” suggesting that it could serve as an energy safety net for the state’s grid infrastructure during extreme weather events or times of economic uncertainty.

“What Bitcoin presents is an opportunity in real-time to enhance the resiliency of our grid,” said Cruz.

These comments come as Bitcoin mining in Texas has sparked concerns over noise pollution and health issues for residents, highlighting the need for better regulations.

Ted Cruz and crypto

The Texas Blockchain Council endorsed Ted Cruz for reelection to the U.S. Senate on August 12, according to Cointelegraph. They cited his support for Bitcoin and its potential benefits for Texas’ energy grid. Cruz, who has previously spoken at TBC events, is currently leading Democrat Colin Allred by eight points in a recent poll.

In his speech, Cruz emphasized that Texas, the leading U.S. state in wind energy production, faces challenges during severe weather when renewable energy sources like wind and solar often fail to generate sufficient power.

During such events, Cruz argued that Bitcoin miners could be swiftly shut down, redirecting the electricity they consume to critical needs like heating homes and powering hospitals.

“Bitcoin is a reservoir of power — a safety blanket the state of Texas,” said Cruz.

Texas has been a hotbed for crypto mining disputes between miners and the government. Recently, a Texas crypto mining firm, Lejilex, sued the SEC, challenging its authority over exchange-traded crypto and disputing the classification of certain tokens as securities.