Monumental Milestone: BlackRocks Bitcoin ETF Is Now Bigger Than Its Gold ETF Just Months After Launch
Spot Bitcoin exchange-traded funds launched less than a year ago and have already been dubbed the most successful ETF launches in history. BlackRocks Bitcoin ETF, the iShares Bitcoin Trust (IBIT), just smashed another record.
To be more precise, IBIT has now overtaken the asset managers iShares Gold ETF (IAU) in terms of assets under management a huge milestone given that the former investment vehicle only started trading in mid-January this year.
Absolutely Wild
BlackRocks IBIT now holds more assets than the Wall Street behemoths gold ETF despite only launching 10 months ago.
The iShares Gold ETF debuted in January 2005 and has since accumulated 32.96 billion in net assets. For comparison, the IBIT has amassed an impressive $33.17 billion in assets a milestone the president of The ETF Store, Nate Geraci, called absolutely wild.
Bitcoin and gold are often considered comparable safe-haven assets, with most crypto industry pundits long treating BTC as digital gold.
BlackRock Bitcoin ETFs bullish strength was arguably boosted by Donald Trumps U.S. presidential election victory. During his campaign, Trump loudly supported the crypto sector.
The companys Bitcoin fund registered its highest-ever trading volume of $4.1 billion on the day Trump won the presidency. As ZyCrypto covered, the trading activity even surpassed the daily volume posted by blue chip stocks like Netflix, Berkshire Hathaway, and Visa during the same timeframe a sign of excitement among investors that the president-elect will keep all his many promises to nurture the crypto industry, replace unpopular regulators and allow crypto entrepreneurs to introduce products without fear of lawsuits or Wells Notices from agencies like the Securities and Exchange Commission.
Data from Farside reveals that IBIT has clocked more than $27 billion in net inflows since its debut, with a record-breaking $1.1 billion in new investor money flowing into the ETF on Thursday, an extraordinary demonstration of demand for the spot BTC product.
Meanwhile, commentators believe Trumps victory will open the door for over a half dozen proposed cryptocurrency ETFs waiting on approval from U.S. regulators. After the Bitcoin and Ethereum approvals, asset managers have submitted a slew of regulatory filings to list ETFs holding altcoins such as Solana (SOL), Ripples XRP, and Litecoin (LTC).
Text source: ZyCrypto
