BlackRock’s Bitcoin ETF flips gold fund

BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) now holds extra belongings than the asset supervisor’s gold ETF regardless of solely launching in January, knowledge from BlackRock reveals.

iShares Bitcoin Trust (IBIT) exceeds $33 billion in internet belongings as of Nov. 8, surpassing iShares Gold Trust (IAU), which holds simply shy of that quantity, in line with iShares.

It’s an “absolutely wild” feat as a result of IBIT launched solely 10 months in the past, whereas IAU has been buying and selling since 2005, Nate Geraci, president of The ETF Store, mentioned in a Nov. 8 put up on the X platform.

Related: BTC traders pour $1.1B into BlackRock ETF as Bitcoin marks one other excessive

The crypto market surged following Donald Trump’s victory within the United States presidential election, as many imagine his win will profit the trade, Cointelegraph Research mentioned.

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

On Nov. 7, IBIT clocked $1.1 billion in inflows, reclaiming influx standing after two consecutive days of outflows totaling $113.3 million, in line with Farside knowledge.

Meanwhile, Bitcoin continued the pattern of consecutive day by day all-time highs as BTC’s value traded above $76,800.

Bitcoin has dominated the ETF panorama this 12 months, accounting for six of the highest 10 most profitable launches in 2024, Geraci mentioned in an X put up.

Of the roughly 400 new ETFs launched in 2024, the 4 greatest launches by inflows have all been spot BTC ETFs, Geraci mentioned in September.

Trump’s presidential win is a greenlight for greater than half a dozen proposed crypto ETFs ready on regulatory approval to record within the US.

In 2024, asset managers submitted a flurry of regulatory filings to record ETFs holding altcoins, together with Solana (SOL), XRP (XRP) and Litecoin (LTC), amongst others.

Issuers are additionally ready on approval for a number of deliberate crypto index ETFs designed to carry various baskets of tokens.

The filings have been successfully “call options on a Trump victory” within the US presidential race, Balchunas mentioned on Oct. 25.

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