Bitcoin ETFs Surpass $90 Billion in Total Assets
11/12/2024 23:41Bitcoin ETFs are inching closer to flipping gold ETFs
Bitcoin ETFs are inching closer to flipping gold ETFs
According to data provided by leading ETF analyst Eric Balchunas, Bitcoin exchange-traded funds (ETFs) have now surpassed $90 billion in total assets.
These products are now just 28% away from surpassing gold ETFs in total assets.
On Monday, Bitcoin ETFs added $1 billion in flows and $5 billion in market appreciation, according to Balchunas.
SoSoValue data shows that spot ETFs managed to attract a total of $1.1 billion worth of inflows on Nov. 12. Unsurprisingly, BlackRock's IBIT was in the lead with a total of $756 million worth of inflows. Fidelity's FBTC came in a distant second place with $135 million.
On Tuesday, BlackRock's IBIT managed to surpass a total of $1 billion in trading volume in just 25 minutes. In fact, it is seeing more trading activity than such "granddaddy ETFs" like ETF Comparison: Invesco QQQ ETF (QQQ) and SPDR S&P 500 ETF Trust (SPY).
As reported by U.Today, the Bloomberg analyst recently predicted that Bitcoin ETFs could end up tripling gold ETFs in total assets. The prediction is based on the assumption that investors tend to find the yellow metal quite boring, and Bitcoin has emerged as a more exciting investment opportunity.
In other news, Blockstream CEO Adam Back recently forecasted that Bitcoin could surpass gold itself by market cap during this bull market cycle. Gold and Bitcoin are currently valued at $17.5 trillion and $1.7 trillion, respectively. Back's prediction implies that the price of the leading cryptocurrency could potentially reach $850,000.
The world's largest cryptocurrency is currently trading at $87,059 after giving up some of its gains.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox