As of November 11, the Bitcoin ETFs traded in the US are managing assets worth up to $84 billion, equivalent to around 66% of the total assets under management (AUM) of gold ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg, believes that the current growth rate of the spot Bitcoin ETFs could help them surpass the total AUM of gold ETFs within the next two months. This is noteworthy compared to his initial forecast, which estimated it would take four to five years.
Nate Geraci, CEO of The ETF Store, also pointed out that BlackRock's iShares Bitcoin ETF (IBIT) has officially surpassed the AUM of their own iShares Gold ETF (IAU). According to Geraci, while BlackRock's gold ETF took 20 years to reach this milestone, the Bitcoin ETF did it in less than 10 months.
According to data from Farside Investors, the spot Bitcoin ETFs have set multiple new records in the past week. On November 7, IBIT recorded over $1 billion in inflows in a single day, pushing the total capital of the spot Bitcoin ETFs to over $1.3 billion, setting a new industry record.
On the same day, IBIT ended the trading session with a volume of $4.1 billion - the highest since the fund's launch. In total, the US-based spot Bitcoin ETFs recorded $6 billion in trading volume, setting another new record.
Balchunas also noted that IBIT's trading volume on that day surpassed large stocks like Berkshire Hathaway, Netflix, and Visa.
On November 11, IBIT reached $1 billion in trading volume within the first 35 minutes of the session, as Bitcoin prices hit a new all-time high over the weekend and continued a strong growth trend. Other ETFs also witnessed similar buying pressure, with Bitwise CEO Hunter Horsley stating that the company's products are seeing "significant trading volume".
Geraci predicts that this week will see the listing of more crypto-related ETFs, including those tracking XRP, Solana (SOL), and Cardano (ADA). He said the issuers have "thoroughly prepared" for post-election developments and are ready to seize the current market trend.
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Thạch Sanh
According to Crypto Slate
