Bitcoin ETFs in the US for the first time exceeded the $100 billion mark in net assets on November 21 and are on track to surpass gold ETFs as the price of Bitcoin continues to rise sharply.
Bitcoin has dominated the ETF market since the launch of Bitcoin spot ETFs in January. Investor interest has surged since Donald Trump, a supporter of cryptocurrencies, won the US presidential election on November 5.
In total, Bitcoin ETFs are currently managing around $104 billion and are likely to surpass gold ETFs, which held around $120 billion in assets under management (AUM) as of November 21, according to Bitcoin Archive.
According to ETF analyst Eric Balchunas of Bloomberg Intelligence, "Bitcoin ETFs have now reached 97% of the Bitcoin held by Satoshi Nakamoto and 82% of the gold ETF."
BlackRock's iShares Bitcoin Trust (IBIT) is leading the pack, with $30 billion in net inflows since January, according to data from Bloomberg. The Fidelity Wise Origin Bitcoin Fund (FBTC) is second, attracting over $11 billion this year.
The cryptocurrency market has boomed since Trump's victory, as many believe this will benefit the industry.
On November 21, the spot BTC price reached over $96,000, up nearly 120% since the beginning of 2024, according to data from Google Finance.
November 6 was the largest trading day ever for IBIT, as investors rushed into cryptocurrencies after Trump's victory, Balchunas said. BTC is forecast to reach a value of $100,000 to $150,000, according to MV Global.
According to the company's data, BlackRock's IBIT currently holds more assets than the company's gold ETF, despite being launched only in January.
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