BlackRock’s Bitcoin ETF has quickly surpassed the firm’s gold ETF in assets under management, less than a year since its launch, according to data from BlackRock.
As of November 8th, the iShares Bitcoin Trust (IBIT) manages over $33 billion in net assets, edging past the iShares Gold Trust (IAU), which is just slightly behind, based on iShares data.
Nate Geraci, president of The ETF Store, highlighted the significance of this milestone, pointing out that while IBIT has been available for only about 10 months, IAU has been trading since 2005.
iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF (IAU) in assets…
Did this in 10mos.
IAU launched in January 2005.
Absolutely wild. pic.twitter.com/dLi16A28Gc
— Nate Geraci (@NateGeraci) November 8, 2024
The Bitcoin market experienced heightened activity following Donald Trump’s victory in the U.S. presidential election, with some investors speculating that his administration could introduce more favorable Bitcoin and crypto policies.
On November 6th, IBIT recorded its highest trading volume to date, which coincided with increased investor interest after the election results, according to Bloomberg ETF analyst Eric Balchunas.
$IBIT just had its biggest volume day ever with $4.1b traded.. For context that's more volume than stocks like Berkshire, Netflix or Visa saw today. It was also up 10%, its second best day since launching. Some of this will convert into inflows likely hitting Tue, Wed night pic.twitter.com/vy2zJBwaHd
— Eric Balchunas (@EricBalchunas) November 6, 2024
On November 7th, IBIT attracted $1.1 billion in inflows, recovering from two days of outflows that had totaled $113.3 million, as reported by Farside data.
Meanwhile, Bitcoin’s price continued to climb, reaching new highs above $77,000, and extending its ongoing upward trend.
Throughout 2024, Bitcoin ETFs have dominated the market, with six of the top ten ETF launches this year tied to the asset, according to Geraci.
Out of nearly 400 new ETFs launched in 2024, the four largest in terms of inflows have all been spot Bitcoin ETFs, as Geraci previously noted.
575 ETFs have now launched in 2024…
*14 of top 30* by inflows are either spot btc or eth ETFs.
Includes 6 of top 10.
There are also 2 MSTR-related ETFs in top 30.
Crypto appetite from tradfi is real. pic.twitter.com/DmD6f5zJ1P
— Nate Geraci (@NateGeraci) October 23, 2024