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BlackRock’s Bitcoin ETF flips gold fund

BlackRock’s Bitcoin ETF flips gold fund

Cointime2024/11/11 15:42
By: Cointime
BTC-2.40%SOL-2.59%XOLDTOKEN0.00%

From cointelegraph by Alex O'Donnell

BlackRock’s Bitcoin ETF flips gold fund image 0

BlackRock’s Bitcoin  BTC$82,448  exchange-traded fund (ETF) now holds more assets than the asset manager’s gold ETF despite only launching in January, data from BlackRock shows.

iShares Bitcoin Trust (IBIT) exceeds $33 billion in net assets as of Nov. 8, surpassing iShares Gold Trust (IAU), which holds just shy of that amount, according to iShares.

It’s an “absolutely wild” feat because IBIT launched only 10 months ago, whereas IAU has been trading since 2005, Nate Geraci, president of The ETF Store, said in a Nov. 8  post  on the X platform.

BlackRock’s Bitcoin ETF flips gold fund image 1

Source:  Nate Geraci

Related: BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high

The crypto market surged following Donald Trump’s victory in the United States presidential election, as many believe his win will benefit the industry,  Cointelegraph Research said .

Nov. 6 was IBIT’s “ biggest volume day ever ” as investors flocked to cryptocurrencies after Trump’s election win, Bloomberg ETF analyst Eric Balchunas said in a Nov. 6 X  post .

On Nov. 7, IBIT  clocked $1.1 billion in inflows , reclaiming inflow status after two consecutive days of outflows totaling $113.3 million, according to Farside  data .

Meanwhile, Bitcoin continued the trend of  consecutive daily all-time highs  as BTC’s price traded above $76,800.

BlackRock’s Bitcoin ETF flips gold fund image 2

Top ETF launches. Source: The ETF Store

Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful launches in 2024, Geraci said in an X  post .

Of the approximately 400 new ETFs launched in 2024, the four biggest launches by inflows have all been spot BTC ETFs,  Geraci said in September .

Trump’s  presidential win is a greenlight  for more than half a dozen proposed crypto ETFs waiting on regulatory approval to list in the US.

In 2024, asset managers submitted a flurry of regulatory filings to list ETFs holding altcoins, including Solana  SOL$218.83 , XRP  XRP$0.5814  and Litecoin  LTC$77.04 , among others.

Issuers are also waiting on approval for several planned crypto index ETFs designed to hold diverse baskets of tokens.

The filings were effectively “ call options on a Trump victory ” in the US presidential race, Balchunas said on Oct. 25.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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