US Bitcoin (BTCExchange-traded funds (ETFs) topped $100 billion in net assets for the first time on Nov. 21, according to data from Bloomberg Intelligence.
Bitcoin has dominated the ETF world ever since the Spot BTC ETF was launched in January. Investor interest in cryptocurrencies accelerated after President-elect Donald Trump, who favored cryptocurrencies, won the November 5 US election.
Currently, BTC ETFs manage approximately $104 billion in total. These are on track to outpace gold ETFs in terms of net assets, with combined assets under management (AUM) of approximately $120 billion as of November 21, according to Bitcoin Archive.
Bitcoin ETFs are “now 97% of the way to overtaking Satoshi as the largest holder and 82% of the way to overtaking the gold ETF,” said Eric Balchunas, an ETF analyst at Bloomberg Intelligence. . post on the X platform.
sauce: bitcoin archive
Related: BlackRock Bitcoin ETF flips gold fund
BlackRock's iShares Bitcoin Trust (IBIT) came out on top, with $30 billion in net inflows since January, according to Bloomberg data.
The Fidelity Wise Origin Bitcoin Fund (FBTC) is the second most popular Bitcoin ETF, with more than $11 billion in inflows so far this year, according to Bloomberg.
Cryptocurrency markets soared following Trump's victory in the U.S. presidential election, with many believing his victory would benefit the industry, according to Cointelegraph Research.
Spot BTC was trading at more than $96,000 as of November 21, up nearly 120% since the beginning of 2024, according to Google Finance data.
Balciunas told the X on November 6 that November 6 was IBIT's “highest volume day in history” as investors flocked to cryptocurrencies after Trump's election victory. post.
On November 7, IBIT recorded an inflow of $1.1 billion, returning to inflow status after two consecutive days of outflows totaling $113.3 million, according to Farside. data.
sauce: bloomberg intelligence
According to MV Global, BTC is expected to peak at between $100,000 and $150,000 per coin.
BlackRock's IBIT currently holds more assets than the asset manager's gold ETF, despite only launching in January, according to BlackRock data.
Investors are turning to gold and BTC in so-called “subsidence trades” to prepare for “catastrophic scenarios” amid rising geopolitical tensions, according to an Oct. 3 report from JPMorgan. .
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