BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) currently holds more assets than the asset manager’s gold ETF, even though it only launched in January, BlackRock data shows.
According to iShares, the iShares Bitcoin Trust (IBIT) exceeds $33 billion in net assets as of November 8, surpassing the iShares Gold Trust (IAU), which is just shy of that amount.
This is an “absolutely crazy” feat because IBIT launched just 10 months ago, while IAU has been operating since 2005, said Nate Geraci, president of The ETF Store, in a Nov. 8 issue. post on the X platform
Source: Nate Geraci
Related: BTC Investors Pour $1.1 Billion into BlackRock ETF as Bitcoin Marks Another High
The cryptocurrency market has surged following Donald Trump’s victory in the US presidential election as many believe his victory will benefit the industry, according to Cointelegraph Research.
November 6 was the “highest volume day in IBIT history” as investors began flocking to cryptocurrencies following Trump’s election victory, Bloomberg ETF analyst Eric Balchunas said in a report on November 6 this year. post.
According to Farside, $1.1 billion flowed into IBIT on November 7, regaining inflow status after two consecutive days of outflows totaling $113.3 million. data.
Meanwhile, Bitcoin continued its trend of consecutive intraday all-time highs as BTC price topped $76,800.
Most popular ETF launches. Source: ETF Store
Bitcoin has dominated the ETF landscape this year, accounting for six of the 10 most successful launches of 2024, Geraci said in X post.
Geraci said in September that of the roughly 400 recent ETFs launching in 2024, the top four launches in terms of inflows were spot BTC ETFs.
Trump’s victory is a green delicate for more than half a dozen proposed cryptocurrency ETFs awaiting regulatory approval to list in the US.
In 2024, asset managers filed a slew of regulatory filings to list ETFs holding altcoins, including Solana (SOL), XRP (XRP), and Litecoin (LTC), among others.
Issuers are also waiting for approval of several planned cryptocurrency index ETFs designed to hold a variety of baskets of tokens.
The submissions were actually “call options if Trump wins” the US presidential race, Balchunas said on October 25.
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