Blackrock's Bitcoin (BTC) exchange-traded fund (ETF) currently holds more assets than this asset manager's gold fund, although it has only been launched since January, according to data from Blackrock.
The iShares Bitcoin Trust (IBIT) currently owns over $33 billion in net assets as of November 8, surpassing the iShares Gold Trust (IAU), which holds less than that amount, according to iShares.
This is a "completely wild" feat as IBIT has only been launched 10 months ago, while IAU has been traded since 2005, Nate Geraci, president of The ETF Store, commented in a post on the X platform on November 8.
Source: Nate Geraci
The cryptocurrency market has surged after Donald Trump's victory in the US presidential election, as many believe his victory will benefit this industry, according to TinTucBitcoin Research.
November 6 was the "largest trading volume day ever" for IBIT as investors flocked to cryptocurrencies after Trump's victory, according to Bloomberg, ETF analyst Eric Balchunas commented in another post on X on November 6.
On November 7, IBIT recorded an inflow of $1.1 billion, recovering the inflow state after two consecutive days of outflows totaling $113.3 million, according to data from Farside.
Meanwhile, BTC continued its upward trend, reaching a new all-time high as BTC traded above $76,800.
Top ETF launches. Source: The ETF Store
Bitcoin has dominated the ETF market this year, accounting for six out of the ten most successful launches in 2024, Geraci said in a post on X.
Out of around 400 new ETFs launched in 2024, the four largest inflows were all Bitcoin ETFs that started trading immediately, Geraci stated in September.
Trump's election victory is a green light for more than half a dozen proposed cryptocurrency ETFs awaiting approval to list in the US.
In 2024, asset managers have filed a slew of legal documents to list ETFs holding Altcoins, including Solana SOL, XRP XRP, and Litecoin LTC, among others.
Issuers are also awaiting approval for several proposed cryptocurrency index ETFs, designed to hold diverse Token baskets.
These filings are essentially "Trump victory call options" in the US presidential race, Balchunas commented on October 25.
