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Bitcoin ETFs could overtake gold ETFs in size within one month

Bitcoin ETFs could overtake gold ETFs in size within one month

GrafaGrafa2024/11/24 09:30
By:Isaac Francis

As of November 23, Bitcoin (CRYPTO:BTC) ETFs in the US have amassed $107 billion in assets, reaching 86% of the total net assets held by gold ETFs, according to data from Balchunas and HODL15Capital.

Balchunas commented that Bitcoin ETFs only lag gold ETFs by $23 billion and could surpass them by Christmas.

Bitcoin ETFs are also closing in on Satoshi Nakamoto’s estimated Bitcoin holdings, currently holding about 98% of Satoshi’s stash.

These ETFs are expected to become the world’s largest Bitcoin holders by next week.

Over the past week, US spot Bitcoin ETFs have netted $3.3 billion in inflows, with BlackRock’s iShares Bitcoin Trust (IBIT) capturing 62% of the total, as per Farside Investors’ data.

IBIT has extended its lead over BlackRock’s iShares Gold Trust (IAU), with $48.4 billion in Bitcoin assets compared to IAU’s $34 billion in gold assets as of November 22.

Bitcoin’s recent rally saw its price hit $99,500, nearing the psychological $100,000 mark and marking a 160% year-to-date surge.

VanEck forecasts Bitcoin reaching $180,000 this cycle, citing bullish indicators like funding rates, Relative Unrealised Profit (RUP), and growing retail interest.

Despite Bitcoin’s meteoric rise, concerns about its stability compared to gold persist.

George Milling-Stanley of State Street Global Advisors argues that Bitcoin is primarily a return-focused asset, lacking the historical stability and reliability of gold.

Milling-Stanley criticised the comparison between Bitcoin mining and gold mining, calling it a marketing tactic to mimic gold’s allure.

“Bitcoin is a computer operation, pure and simple, but they called it mining to borrow some of gold’s aura,” He remarked.

While gold has delivered a 30% return year-to-date, Bitcoin’s remarkable performance has captured the spotlight.

Bitcoin’s market cap now exceeds that of silver and Saudi Aramco, solidifying its position as a leading global asset.

At the time of reporting, Bitcoin price was $98,491.41.

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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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