🔥 BlackRock's BTC ETF Gains $1.12 Billion, Surpassing Gold ETF
posted 8 Nov 2024
On November 7, U.S. spot Bitcoin ETFs reached a new milestone with net inflows totaling $1.38 billion in a single trading day, as reported by SoSoValue. This surge was largely driven by BlackRock's iShares Bitcoin Trust, which alone brought in $1.12 billion.
The spike in Bitcoin ETF trading volume came after news broke that Donald Trump, known for his outspoken views on cryptocurrency, was leading in the U.S. presidential race. Senior Bloomberg ETF analyst Eric Balchunas referred to the large BTC ETF inflows as the “Trump effect.”
On the same day, BTC reached a new all-time high, surpassing $76,500. But the achievements didn’t stop there.
It was also revealed that the assets under management for BlackRock’s iShares Bitcoin Trust (IBIT) had exceeded those of the iShares Gold Trust (IAU). As of November 7, IBIT held ~$33.17 billion, compared to IAU’s $32.96 billion.
This is symbolic, as Bitcoin and gold compete for attention as a store of value among investors. However, Bitcoin still trails far behind gold in total market capitalization.
On November 7, U.S. spot Ethereum ETFs also recorded significant net inflows of $79.74 million, according to SoSoValue. However, ETH ETFs still have a long way to go to match BTC ETF results.
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