According to U.Today, Bitcoin exchange-traded funds (ETFs) have reached a significant milestone, surpassing $90 billion in total assets. This achievement places them just 28% behind gold ETFs in terms of total assets. On a recent Monday, Bitcoin ETFs experienced an influx of $1 billion in flows and a market appreciation of $5 billion, as reported by ETF analyst Eric Balchunas.
The data indicates that spot ETFs attracted $1.1 billion in inflows on November 12, with BlackRock's IBIT leading the charge by securing $756 million of these inflows. Fidelity's FBTC followed in second place with $135 million. On the following Tuesday, BlackRock's IBIT achieved a remarkable feat by surpassing $1 billion in trading volume within just 25 minutes, outpacing well-established ETFs like Invesco QQQ ETF and SPDR S&P 500 ETF Trust.
Bloomberg analyst Eric Balchunas has predicted that Bitcoin ETFs could potentially triple the total assets of gold ETFs. This prediction is based on the notion that investors may find gold less appealing compared to the dynamic investment opportunities presented by Bitcoin. In a related development, Blockstream CEO Adam Back has forecasted that Bitcoin could surpass gold in market capitalization during the current bull market cycle. Currently, gold and Bitcoin are valued at $17.5 trillion and $1.7 trillion, respectively. Back's prediction suggests that Bitcoin's price could potentially reach $850,000. At present, Bitcoin is trading at $87,059, having retraced some of its recent gains.
Catherine
