BlackRock’s IBIT ETF currently maintains assets exceeding $33 billion, surpassing the asset manager’s gold fund.
BlackRock’s Bitcoin exchange-traded fund (ETF) has amassed a greater number of assets than its gold ETF, despite its mere inception in January, according to data from the asset manager.
As of November 8, the net assets of the IShares Bitcoin Trust (IBIT) surpassed $33 billion, surpassing those of the iShares Gold Trust (IAU), which is just short of that figure, according to iShares.
In a post on the X platform on November 8, Nate Geraci, president of The ETF Store, said that the achievement is “absolutely insane” due to the fact that IBIT was only launched 10 months ago, while IAU has been trading since 2005.
According to Cointelegraph Research, the crypto market experienced a significant increase in response to Donald Trump’s victory in the United States presidential election, as many predict that his victory will have a positive impact on the industry.
In a Nov. 6 X post, Bloomberg ETF analyst Eric Balchunas stated that Nov. 6 was the “highest volume day ever” for IBIT, as investors flocked to cryptocurrencies in the wake of Trump’s election victory.
According to Farside data, IBIT regained inflow status on Nov. 7 by recording $1.1 billion in inflows, following two consecutive days of outflows totaling $113.3 million.
In the interim, Bitcoin’s price surpassed $76,800, continuing the trend of consecutive daily all-time highs. According to Geraci in an X post, Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful launches in 2024.
Geraci stated in September that the four largest launches by inflows among the approximately 400 new ETFs introduced in 2024 were all spot BTC ETFs.
The election of Donald Trump as president has provided a green light for the listing of over half a dozen proposed crypto ETFs in the United States, which are currently awaiting regulatory approval.
Asset managers submitted a spate of regulatory filings in 2024 to list ETFs that held altcoins, such as Solana, among others.
The approval of numerous crypto index ETFs, which are intended to contain a variety of tokens, is also awaited by issuers.
In essence, the filings were “call options on a Trump victory” in the US presidential campaign, Balchunas stated on October 25.
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