Bitcoin ETFs Holdings Reach $100 Billion
22 Nov, 2024 ● Coin news
Bitcoin exchange-traded funds (ETFs) in the United States surpassed $100 billion in net assets for the first time on Nov. 21, according to Bloomberg Intelligence.
Since the launch of spot BTC ETFs in January, Bitcoin has dominated the ETF market
Investor enthusiasm gained further momentum following the victory of crypto-friendly President-elect Donald Trump in the U.S. elections on Nov. 5.
November's surge in BTC ETF net assets reflects “a more positive outlook for the future of Bitcoin after Trump’s election win, which boosted performance and brought over $5 billion of inflows,” Bryan Armour, director of passive strategies research at Morningstar, told Cointelegraph.
BTC ETFs collectively manage around $104 billion, positioning them to overtake gold ETFs, which hold approximately $120 billion in assets under management (AUM) as of Nov. 21, according to Bitcoin Archive.
“Bitcoin ETFs are now 97% of way to passing Satoshi as biggest holder and 82% of way to passing gold ETFs,” Eric Balchunas, an ETF analyst at Bloomberg Intelligence, wrote in a Nov. 21 post on X.
BlackRock’s iShares Bitcoin Trust (IBIT) leads with $30 billion in net inflows since January, based on Bloomberg data. Fidelity Wise Origin Bitcoin Fund (FBTC) follows, attracting over $11 billion in inflows this year.
The crypto market saw significant gains after Trump’s election, as many view his leadership as beneficial for the industry, Cointelegraph Research reported.
Spot BTC was trading above $96,000 on Nov. 21, reflecting a nearly 120% increase since the start of 2024, according to Google Finance data.
Nov. 6 marked IBIT’s “biggest volume day ever,” with investors pouring into cryptocurrencies post-election, Balchunas noted in a Nov. 6 post on X.
The following day, IBIT recorded $1.1 billion in inflows, recovering from two consecutive days of outflows totaling $113.3 million, according to Farside data.
BTC’s price is expected to peak between $100,000 and $150,000, according to MV Global.
BlackRock’s IBIT now manages more assets than the company’s gold ETF, despite launching less than a year ago, BlackRock data reveals.
Investors have been gravitating toward Bitcoin and gold as part of a “debasement trade,” preparing for potential economic challenges amid rising geopolitical tensions, as noted in an Oct. 3 report by JPMorgan.
Sources:
https://cointelegraph.com/news/us-bitcoin-etfs-break-100-billion
https://x.com/BTC_Archive/status/1859588678206492967
https://x.com/EricBalchunas/status/1859573968430059944
https://x.com/BTC_Archive/status/1859588678206492967
https://x.com/EricBalchunas/status/1854281747082477696
