#MarketDownturn Spot Bitcoin ETFs traded in the U.S. now represent 66% of the total assets under management of their gold counterparts.
As of November 11, Bitcoin (BTC) exchange-traded funds (ETFs) trading in the U.S. had $84 billion, which is approximately 66% of the total assets under management (AUM) of gold ETFs.
According to Eric Balchunas, senior ETF analyst at Bloomberg, the current growth trajectory of spot Bitcoin ETFs is on track to completely surpass the assets under management of gold ETFs in the next two months. He added that this is much shorter than his initial timeline of four to five years.
Meanwhile, The ETF Store CEO Nate Geraci recently noted that BlackRock's iShares Bitcoin ETF (IBIT) surpassed the assets under management of its gold counterpart, the iShares Gold ETF (IAU). He pointed out that BlackRock's gold ETF took 20 years to reach this point, while the Bitcoin ETF took less than 10 months.
Data from Farside Investors shows that spot Bitcoin ETFs set several records last week. IBIT surpassed $1 billion in inflows in a single day on November 7, bringing the total inflows for spot Bitcoin ETFs to over $1.3 billion, a new collective record.
IBIT closed on November 7 with a trading volume of $4.1 billion, the most significant trading activity since its launch. In total, spot Bitcoin ETFs traded in the United States recorded a volume of $6 billion, another record for the group of newly launched funds.
Balchunas highlighted that IBIT's volume was greater than that of established stocks like Berkshire, Netflix, and Visa that day.
IBIT reached a trading volume of $1 billion in the first 35 minutes of trading on November 11 after Bitcoin hit a new ATH over the weekend and continued its rally. Other ETFs experienced a similar increase, and Bitwise CEO Hunter Horsley said the company's products are registering "huge volumes."
Geraci predicted that more cryptocurrency-related ETFs could be listed this week, citing XRP, Solana (SOL), and Cardano (ADA).
He explained that several issuers were "very prepared" for the election outcomes and that there are no drawbacks to taking an aggressive stance in the current market landscape.
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