Spot Bitcoin ETFs that are traded in the United States currently account for 66% of the total assets under the management of their gold counterparts.
Source: CryptoNewsZ
With peak inflows and volumes, as the underlying coin hit several records and soared to $89,000, the Bitcoin (BTC) ETF showed enormous popularity. In the USA, the assets in the Bitcoin ETF are expected to catch up to those in the gold ETF.
Bitcoin (BTC) ETFs are among the largest holders of real coins, now holding over $84 billion. The assets managed today are comparable to those in the US-based gold exchange-traded fund (ETF), a lately well-liked investment vehicle. Since funds are becoming more widely known, the sharp increase in the value of Bitcoin could cause increased inflows. Following a period of accumulation beginning in October, traders expect a record week of inflows.
Following Bitcoin’s recent surge beyond $89,000, Black Rock’s IBIT fund closed the day’s daily trading volume above $4.59 billion. Although BlackRock continued to be the most active buyer, other funds also saw a surge. ETF traders’ actions on Monday might pave the way for a week of fresh inflows amidst BTC price records. Although ETF showed the strength of mainstream finance purchasers, the post-election rise extended to all Bitcoin markets.
In the long run, digital currency-based exchange-traded funds (ETFs) might overtake gold in terms of assets under management (AUM). Because of established demand and tradition, the gold market is still far larger than the cryptocurrency sector. Despite outperforming, Bitcoin currently only accounts for a small portion of the gold market, but it has a bright future as a store of value.
Source: Live Bitcoin News
Record-breaking week
Farside Investors’ data shows that spot Bitcoin ETFs registered multiple records last week. IBIT surpassed $1 billion in inflows in a single day on Nov 7. This brought the total inflows for spot Bitcoin ETFs to over $1.3 billion.
The most significant trading activity since its introduction occurred on Nov. 7, when IBIT closed with a trading volume of $4.1 billion. The total volume of the US-traded spot Bitcoin ETFs was $6 billion, setting a new high for the group of recently introduced funds.
Balchunas pointed out that on that day, IBIT’s volume exceeded that of merged equities like Netflix, Visa, and Berkshire.
Bitcoin hit a new all-time high over the weekend and continued to rise, and in the first thirty-five minutes of trading on November 11, IBIT crossed $1 billion in trading volume.
