Bitcoin

Gold

Bloomberg Intelligence showed that the U.S. Bitcoin ETFs broke over $100B for the first time, recording total assets of $104B against $121.65B for Gold ETFs. The U.S. BTC ETFs had a net inflow of $773M&nbsp; as Bitcoin rallied past $99K on November 22nd. 
Data from Farside revealed that more than $4B had flowed into U.S. BTC ETFs since the election. As of eight days ago, SosoValue’s data showed that U.S. BTC ETFs held $84B in total assets, equating to 66% of Gold ETFs’ total AUM.&nbsp; 
<h3 id="span-style-font-weight-400-bitcoin-etfs-are-on-the-rise-to-challenge-gold-etfs-span">Bitcoin ETFs are on the rise to challenge Gold ETFs</h3> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> vs Gold ETF inflows by year 🚀 <a href="https://t.co/sbjc0ezh8n" rel="nofollow" target="_blank">pic.twitter.com/sbjc0ezh8n</a> 
 — Bold Bitcoin (@BoldBitcoin) <a href="https://twitter.com/BoldBitcoin/status/1859039275536339051?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 20, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Nate Geraci, the CEO of ETF Store, <a href="https://x.com/NateGeraci/status/1854882220407701661" rel="nofollow" target="_blank">noted</a> that what took BlackRock’s Gold ETF nearly 20 years to achieve had taken its Bitcoin ETF only 10 months. BlackRock’s data showed that IBIT’s AUM surpassed its gold counterpart, IAU (iShares Gold ETF,) slightly over a week ago.&nbsp; 
Matt Hougan, the chief investment officer at Bitwise, also revealed that BlackRock’s IBIT had recorded net inflows of $25.8 billion since its inception in January 2024. He, however, continued to say that BlackRock’s Gold ETF had witnessed net inflows of $20.9 billion since its launch in 2020. 
Bloomberg’s analyst Eric Balchunas predicted that BTC ETFs could eventually triple Gold ETFs in terms of total assets. BlackRock’s data showed that IBIT now managed $34.3 billion, surpassing IAU’s $33 billion.&nbsp; 
Adam Back, the CEO of Blockstream, also suggested that BTC may surpass gold market capitalization. According to Bitget, the recent milestone achieved by Bitcoin ETFs reflected a newfound enthusiasm among crypto investors. 
As per SosoValue, recent data suggested that these funds had now crossed the $100 billion threshold in total assets under management. Bitget noted that despite the impressive performance of BTC ETFs, they were still 28% shy of matching Gold ETFs. 
Nonetheless, the Bitget team observed that this indicated tough competition between crypto and traditional commodities. Adam Back’s analysis also positioned BTC as a key player in global asset allocation strategies. 
<h3 id="span-style-font-weight-400-recent-u-s-btc-etf-performance-data-reveals-record-breaking-milestones-span">Recent U.S. BTC ETF performance data reveals record-breaking milestones</h3> 
Farside’s data showed that Bitcoin ETFs registered multiple records in the past two weeks. IBIT’s single day of $1 billion in inflows on November 7th pushed the total inflows for Bitcoin ETFs to a new collective record of $1.3 billion. 
IBIT closed November 7th with the most trading activity since its launch, with $1.4 billion in trading volume, as per SosoValue’s data. The data also showed that IBIT reached $1 billion in trading volume in the first 35 minutes of trading on November 11th after Bitcoin hit subsequent ATHs. 
U.S. BTC ETFs collectively registered another record for the newly launched funds, with a $6 billion volume. Analyst Balchunas highlighted that IBIT’s volume was higher than that of consolidated stocks such as Visa, Berkshire, and Netflix on that day. Bloomberg also noted that Bitcoin’s over 129% surge in 2024 outperformed gold, stocks, and other assets. 
Caroline Bowler, the CEO of BTC Markets Pty, said the Bitcoin price rally was ‘being fed’ by the frequent pro-crypto news linked to Trump’s incoming administration. 
From Zero to Web3 Pro: Your 90-Day <a href="https://www.cryptopolitan.com/crypto-career-launchpad-waitlist/?utm_source=cryptopolitan&amp;utm_medium=banner&amp;utm_campaign=ccl-waitlist-3" target="_blank">Career Launch Plan</a>

Bitcoin ETFs are quickly gaining ground on Gold ETFs as BTC hits $99,000

Table of Contents

Cryptopolitan_News

Other articles published on Nov 22, 2024

SuiHub launches startup accelerator program with $200k funding

Major Market Shifts: Why Monsta Mash Could Outshine FLOKI & IMX

Floki Inu (FLOKI) Secures Coinbase Listing, Sparks Market Surge

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

MAGA Price Prediction: MAGA Pumps 16% As Traders Turn To This PolitiFi Rival For 10X Gains

Join our free newsletter for daily crypto updates!