As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the current surge in Bitcoin ETFs and their rapid approach towards surpassing gold ETFs is nothing short of phenomenal. Having witnessed the early days of Bitcoin and its struggle to gain mainstream acceptance, it’s truly astounding to see how far we’ve come.
For the very first time on November 21st, the combined net value of all Bitcoin ETFs traded on American exchanges exceeded $100 billion, as reported by Bloomberg Intelligence.
Since the launch of exchange-traded funds (ETFs) tied to Bitcoin in January, Bitcoin has been leading the ETF market. The level of investor enthusiasm increased significantly following the election of a pro-crypto president-elect, Donald Trump, on November 5th in the United States.
Combined, Exchange-Traded Funds (ETFs) focused on Bitcoin currently oversee around $104 billion. If this trend continues, they could potentially exceed gold ETFs in terms of net assets, which collectively control approximately $120 billion as of November 21, according to data from Bitcoin Archive.
According to Eric Balchunas, an analyst at Bloomberg Intelligence, Bitcoin ETFs are “nearly there” (97%) in terms of surpassing Satoshi Nakamoto as the largest holder and are “almost there” (82%) in terms of overtaking gold ETFs. This was stated in a post on X platform published on November 21st.
According to Bloomberg’s data, the BlackRock iShares Bitcoin Trust (IBIT) has been the top performer, attracting approximately $30 billion in new investments since January.
This year, the Fidelity Wise Origin Bitcoin Fund (FBTC) ranks as the second most favored Bitcoin Exchange-Traded Fund (ETF), with investments totaling over $11 billion, according to Bloomberg’s data.
Cryptocurrency markets experienced a boost after Donald Trump’s election as U.S. President, with many speculating that his victory would positively impact the sector, according to CryptoMoon Research.
On November 21st, Bitcoin was trading above $96,000, marking an approximately 120% increase from its starting price in 2024, as per information from Google Finance.
On November 6th, IBIT experienced its highest trading volume to date, according to Balchunas’ statement on a November 6 post on X, as investors showed increased interest in cryptocurrencies following Trump’s election victory.
On November 7th, I experienced a significant influx of funds amounting to $1.1 billion, marking our return to inflow status following two consecutive days with outflows totaling $113.3 million, as per data from Farside.
BTC is expected to top somewhere between $100,000 and $150,000 per coin, MV Global said.
Despite being launched just in January, BlackRock’s IBIT currently manages more assets than BlackRock’s gold ETF, as per data provided by BlackRock itself.
In light of the escalating geopolitical tensions, I find myself increasingly drawn to gold and Bitcoin – a move some are calling the “debasement trade.” This strategy seems to be gaining traction among investors as they prepare for what could potentially be a catastrophic scenario, based on a report by JPMorgan dated October 3.
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2024-11-21 18:44