Bitcoin ETFs on track to overtake gold ETFs within 2 months

Share This Post

As of Nov. 11, US-traded spot Bitcoin (BTC) exchange-traded funds (ETFs) held $84 billion, equating to roughly 66% of gold ETFs’ total assets under management (AUM).

According to senior Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETFs’ current growth trajectory is on track to fully overtake the AUM of gold ETFs in the next two months. He added that this is magnitudes lower than his initial timeline of four to five years.

Meanwhile, The ETF Store CEO Nate Geraci recently highlighted that BlackRock’s iShares Bitcoin ETF (IBIT) surpassed the AUM of the firm’s gold counterpart iShares Gold ETF (IAU). He noted that it took BlackRock’s gold ETF 20 years to reach this point, while it took the Bitcoin ETF less than 10 months.

Record-breaking week

Farside Investors’ data shows that spot Bitcoin ETFs registered multiple records last week. IBIT surpassed $1 billion in inflows in a single day on Nov. 7, prompting the total inflows for spot Bitcoin ETFs to over $1.3 billion, a new collective record.

IBIT closed on Nov. 7 with $4.1 billion in trading volume, the most significant trading activity since its launch. Collectively, the US-traded spot Bitcoin ETFs registered $6 billion in volume, another record for the group of newly launched funds.

Balchunas highlighted that IBIT’s volume was higher than consolidated stocks such as Berkshire, Netflix, and Visa on that day.

IBIT reached $1 billion in trading volume in the first 35 minutes of trading on Nov. 11 after Bitcoin reached a new ATH over the weekend and continued to rally. The other ETFs experienced a similar surge, with Bitwise CEO Hunter Horsley saying the company’s products are seeing “huge volumes.”

Geraci predicted that more crypto-related ETFs may get listed this week, citing XRP, Solana (SOL), and Cardano (ADA). 

He explained that multiple issuers were “highly prepared” for the election results and there is no downside to getting aggressive in the current market landscape.

The post Bitcoin ETFs on track to overtake gold ETFs within 2 months appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Optimism (OP) Faces Potential Decline To $1.80 — Analyst

Optimism (OP) has experienced a market rebound in the past week gaining by 3576% based on data from CoinMarketCap The Ethereum layer-2 token hovers above $220 with investors strongly bullish on

Bitcoin Out, Gold In: Senator’s Bold Proposal To Replenish US Reserves

US Senator Cynthia Lummis of Wyoming is doubling down on her efforts to legitimize Bitcoin and possibly add this digital asset to the country’s reserves Related Reading: Ripple CEO Reacts To

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

Bitcoin’s price correction across multiple timeframes reveals short-term bearish pressure while maintaining a bullish outlook in the long term Bitcoin Bitcoin’s (BTC) recent price

Shiba Inu Whale Activity Sees 148% Surge In Large Transaction Volume, Price Dips

The post Shiba Inu Whale Activity Sees 148% Surge In Large Transaction Volume, Price Dips appeared first on Coinpedia Fintech News Shiba Inu has seen a 148% surge in large transaction volume in the

Arthur Hayes Predicts Bitcoin’s Potential Rise Amid Economic Shifts, $250K By 2025?

The post Arthur Hayes Predicts Bitcoin’s Potential Rise Amid Economic Shifts, $250K By 2025 appeared first on Coinpedia Fintech News In conversation with  Alpha First, former BitMEX CEO Arthur

Ron Paul Keen to Restore ‘Sanity’ With Musk in Trump’s Government Efficiency Drive

As President-elect Donald Trump assembles his transition team, much attention is swirling around the newly established Department of Government Efficiency, or DOGE Pro-freedom advocate and former