(Bloomberg) -- BlackRock Inc.’s spot-Bitcoin exchange-traded fund has surpassed the size of its gold fund amid record demand for ETFs that invest in the original cryptocurrency.

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The iShares Bitcoin Trust ETF (ticker IBIT) surpassed the $33 billion iShares Gold Trust (IAU) in total assets, reaching $34.3 billion after a record inflow of $1.1 billion on Thursday, according to data compiled by Bloomberg.

This marks a significant milestone for IBIT, in which investors have poured more than $27 billion since its launch in January, making it the fourth best-performing fund globally in terms of flows this year.

The surge in demand for IBIT comes amid a broader rally in the cryptocurrency market, with Bitcoin reaching a record high of $76,956 on Thursday as investors flock to what some consider to be “digital gold” in the wake of the election of Donald Trump, an avid supporter of the crypto market, as the next US president.

IBIT still has a long way to go to catch up to the SPDR Gold Shares (GLD), the largest gold ETF with more than $76 billion in total assets. The precious metal has also reached record highs this year, yet exchange-traded funds cut 78,011 troy ounces of gold in the last trading session, bringing this year’s net sales to 1.92 million ounces.

Market participants are optimistic about continued inflows into Bitcoin-linked products, bolstered by Trump’s win and the perceived pro-crypto stance of the next US Congress and interest-rate cuts from the Federal Reserve.

“Our target band on a Trump win was $75,000-$80,000 and we expect ETF and broad crypto inflows to further support this into $100,000 by early 1Q, if not sooner,” said Nick Philpott, co-founder, Zodia Markets. “In options, there’s a plethora of call strikes running from $80,000 to $100,000 and this should further add momentum.”

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