As a seasoned researcher with over two decades of experience in the financial industry, I have witnessed numerous market trends and shifts. However, the rapid growth of Blackrock’s Bitcoin ETF (IBIT) is nothing short of astonishing. This ETF, which only launched in January, has surpassed the venerable iShares Gold Trust (IAU), a fixture in the financial world since 2005. It’s like a fledgling startup outpacing an industry titan – absolutely wild!
Data from Blackrock indicates that their Bitcoin ETF, which was launched in January, currently has a higher value of assets compared to their gold ETF.
As of November 8th, the iShares Bitcoin Trust (IBIT) has more than $33 billion in total assets, making it greater than the iShares Gold Trust (IAU), which currently manages assets slightly below this figure, as reported by iShares.
Nate Geraci, president of The ETF Store, remarked on November 8th via the X platform that it’s quite remarkable, given IBIT was just launched ten months ago, while IAU has been actively trading since 2005.
Related: BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high
The cryptocurrency market experienced a boom shortly after Donald Trump’s election as U.S. President, with some predicting that his presidency could be advantageous for the sector, according to CryptoMoon Research.
6th November marked the highest trading volume day for IBIT, as a surge of investors showed interest in cryptocurrencies following Donald Trump’s election victory, according to Eric Balchunas, an analyst at Bloomberg ETF, who made this statement on his 6th November X post.
On the 7th of November, IBIT saw an influx of approximately $1.1 billion, regaining its status as an inflow recipient following two successive days with outflows amounting to $113.3 million, as per data from Farside.
Meanwhile, Bitcoin continued the trend of consecutive daily all-time highs as BTC’s price traded above $76,800.
This year, Bitcoin has been the leading force in the ETF market, making up six out of the ten most successful launches as of 2024, according to Geraci’s post.
2024 saw around 400 new Exchange-Traded Funds (ETFs) debut, and surprisingly, the top four fund launches in terms of inflows were all Bitcoin Spot ETFs, as mentioned by Geraci in September.
Trump’s presidency gives a go-ahead to over a dozen proposed cryptocurrency Exchange Traded Funds (ETFs) that are currently awaiting regulatory approval to be listed in the United States.
2024 saw a significant surge in the submission of regulatory applications by asset managers aiming to list ETFs containing various altcoins, such as Solana (SOL), XRP (XRP), and Litecoin (LTC), along with several other digital currencies.
Waiting for approval, issuers have plans for various cryptocurrency index ETFs that aim to own a wide range of digital assets in a portfolio-like structure.
As a researcher, I mentioned on October 25th that these filings could be seen as “bets on a Trump victory” in the U.S. presidential race.
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2024-11-08 21:20