Bitcoin ETFs on Track to Surpass Gold ETFs Within Two Months?
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Bitcoin ETFs on Track to Surpass Gold ETFs Within Two Months?
Currently, the spot BTC ETFs traded in the U.S. amount to approximately 66% of the total assets under management of gold ETFs.
Navigating Web3 tides with focused insightsSource: cryptoslate
Translation: Blockchain Knight
As of November 11, U.S.-traded spot BTC ETFs held $84 billion in assets, approximately equivalent to 66% of the total assets under management (AUM) of gold ETFs.
Eric Balchunas, senior ETF analyst at Bloomberg, believes that given the current growth trajectory of spot BTC ETFs, they are on track to surpass gold ETFs' AUM within the next two months.
Balchunas added, "This is much sooner than my original estimate of four to five years."
In the meantime, Nate Geraci, CEO of The ETF Store, recently emphasized that BlackRock's iShares BTC ETF (IBIT) has surpassed the AUM of the company's gold ETF—iShares Gold Trust (IAU).
Geraci pointed out that BlackRock’s gold ETF took 20 years to reach this level, while the BTC ETF achieved it in less than 10 months.
Data from Farside Investors shows that spot BTC ETFs set multiple records last week.
On November 7, IBIT recorded over $1 billion in daily inflows, pushing total inflows for spot BTC ETFs above $1.3 billion, setting a new collective record.
IBIT closed trading on November 7 with a volume of $4.1 billion, marking its most significant trading activity since launch.
Spot BTC ETFs traded a combined $6 billion in volume in the U.S., once again breaking records for newly launched funds.
Balchunas highlighted that IBIT's trading volume on that day exceeded that of broad-market stocks such as Berkshire, Netflix, and Visa.
After BTC hit a new all-time high (ATH) over the weekend and continued its rebound, IBIT reached $1 billion in trading volume within the first 35 minutes of trading on November 11.
Other ETFs also experienced similar surges. Hunter Horsley, CEO of Bitwise, said his firm's products are seeing "massive trading volumes."
Geraci predicts that this week could see more crypto asset-related ETFs launch, such as those tied to XRP, Solana (SOL), and Cardano (ADA).
Geraci explained that multiple issuers have been "highly prepared" for the election outcome, and given the current market landscape, there's no downside to being proactive.
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