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BlackRock’s Bitcoin ETF Sets Record, Surpassing Gold Fund Holdings

BlackRock’s Bitcoin ETF Sets Record, Surpassing Gold Fund Holdings

CryptodnesCryptodnes2024/11/10 07:55
By:Cryptodnes

BlackRock’s iShares Bitcoin Trust (IBIT) has now outpaced its long-established gold ETF, iShares Gold Trust (IAU), in total net assets.

As of November 7, IBIT’s net assets reached around $33.17 billion, edging out IAU’s $32.9 billion, a remarkable feat given that IBIT launched just this year in January, while IAU has been active since 2005.

This surge in IBIT’s popularity is a signal of growing institutional interest in cryptocurrency. Nate Geraci, President of ETF Store, commented on the significant growth on social media, calling it “absolutely insane” after IBIT saw an unprecedented $1.1 billion inflow in a single day, setting a new record.

Market conditions, including recent events like Trump’s election win and the Federal Reserve’s rate cut, have encouraged institutional engagement in digital assets.

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Jeff Mei, COO at BTSE, noted that these developments, coupled with favorable policies and ongoing stimulus in China, have likely driven more institutional players toward BlackRock’s Bitcoin ETF. Geraci emphasized that the trend is rewriting ETF history, especially as IBIT is still not widely available on major platforms.

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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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