This year, the market performance of Bitcoin spot ETFs has been particularly impressive, especially BlackRock’s IBIT fund leading the way with significant capital inflows.
This week, as the results of the US election were announced, the IBIT fund set a new record on November 7, the day after the election results were announced, with a single-day inflow of US$1.12 billion, showing the market's great interest in it. As Friday arrived, IBIT's net inflow momentum continued, increasing by another US$206.1 million.
Thanks to this series of capital inflows, IBIT's assets under management (AUM) has quickly exceeded US$33 billion in just 10 months since its launch, and has also successfully surpassed its gold field competitor iShares Gold ETF (IAU).
As a veteran player in gold ETFs, IAU has been active in the market for nearly two decades since its launch on January 21, 2005. IBIT's achievement not only marks the rise of Bitcoin ETFs, but also reflects investors' growing favor for cryptocurrency assets and the shift in market trends.
IBIT’s market dominance is significant
According to Farside data, BlackRock's Bitcoin ETF has performed particularly well in the market. Among the 11 Bitcoin spot BTC ETFs, the average daily net inflow reached $123.1 million, and IBIT dominated the market with an average daily net inflow of $130.4 million, far exceeding other competitors. Although the average daily inflow of FBTC of Fidelity, which ranks second, is only $51.2 million, it is difficult to compare with IBIT.
In terms of capital outflow, IBIT's performance is also stable, and its daily net outflow has never exceeded US$69.1 million, which is quite conservative compared to other ETF products. For example, FBTC's highest single-day net outflow was as high as US$191.1 million, Ark Invest's ARKB and Bitwise's BITB had the highest outflows of US$138.3 million and US$79.8 million respectively. Grayscale's GBTC even set a record of US$642.5 million in a single-day net outflow.
In addition, in terms of asset management scale (AUM), IBIT's performance is equally impressive. Its size is approximately three times that of FBTC. Compared with other companies in the market, this gap is particularly significant, which further highlights IBIT's position in Bitcoin. A leader in the field of cryptocurrency ETFs.
Comparison of Bitcoin and Gold Price Trends
Both assets, Bitcoin and gold, have experienced significant growth since the beginning of the year, especially since Donald Trump officially became the 47th President of the United States on November 6.
Gold prices once approached a high of $2,760 per ounce, but then quickly fell by more than 4% to $2,640 per ounce. Although gold prices have since rebounded, closing at $2,684 per ounce on Friday, the gold market as a whole is still in a loss due to the news of Trump's victory.
In stark contrast, Bitcoin’s price surged from $67,000 to $75,000 on Election Day and continued to rise in the following days.
According to Coingecko data, the price of Bitcoin also briefly hit a high of $77,240. In just a few days, the value of Bitcoin increased by nearly 15%, while gold recorded losses in the days following Trump's victory. This comparison also highlights the different reactions of the two assets to market sentiment and global events.
Conclusion:
BlackRock's IBIT fund has achieved remarkable success in the past 10 months, not only has the asset management scale surged, but also successfully surpassed the gold ETF on the market. This achievement not only symbolizes the rise of Bitcoin ETFs, but also shows the growing interest of investors in cryptocurrency assets.
In summary, the comparative analysis of Bitcoin and gold prices after Trump's victory reveals the profound impact of market sentiment and global events on different asset classes. Looking ahead, as market trends continue to evolve, we have reason to be optimistic about the development prospects of Bitcoin ETFs.
