What Happened?
Bloomberg senior ETF analyst predicts that the total assets of the US Bitcoin ETF may surpass the Gold ETF in the next two months.
Investors are optimistic about the inflow of funds into Bitcoin-related products, mainly due to Trump’s victory, the Fed’s rate cut, and the belief that the next US Congress is more supportive of cryptocurrencies.
Following this optimism and momentum, more cryptocurrency ETFs may be listed in the next week, including Ripple (XRP), Solana (SOL), and Cardano (ADA).
Total assets of the US Bitcoin ETF will surpass gold
According to the foreign media “CryptoSlate” report, the asset under management (AUM) of the US Bitcoin ETF has reached $84 billion, approximately 66% of the asset management scale of the Gold ETF.
Recently, Bloomberg senior ETF analyst Eric Balchunas predicted that based on the growth rate, the asset size of the Bitcoin ETF may surpass the Gold ETF in the next two months, faster than his previous estimate of “four to five years”.
In fact, according to Bloomberg’s report on November 9th, the asset size of the iShares Bitcoin ETF (IBIT) from the financial giant BlackRock has already surpassed its iShares Gold ETF. It is worth noting that it took 20 years for the Gold ETF to reach this asset size, while the Bitcoin IBIT took less than 10 months, indicating a rapid growth in demand for Bitcoin ETFs.
Bloomberg pointed out that market participants are optimistic about the inflow of funds into Bitcoin-related products, mainly due to Trump’s victory, the Fed’s rate cut, and the belief that the next US Congress is more supportive of cryptocurrencies.
Bitcoin price and related ETF products continue to set records
Over the past week, in addition to the continuous record-breaking price of Bitcoin, the inflow of funds into Bitcoin ETFs has also continued to grow.
According to data from the UK asset management company Farside Investors, the spot Bitcoin ETF set multiple records last week. For example, on November 7th, the trading volume of IBIT reached $4.1 billion, the highest trading activity since its listing. Overall, the daily trading volume of Bitcoin ETFs listed in the US was $6 billion.
Balchunas pointed out that the trading volume of IBIT that day exceeded the combined trading volume of large stocks such as Netflix and Visa.
Furthermore, with Bitcoin continuing to surge over the weekend, on November 11th, IBIT attracted $1 billion in trading volume in just 35 minutes.
Following this optimism and momentum, Nate Geraci, CEO of investment advisory firm The ETF Store, predicts that more cryptocurrency ETFs may be listed in the next week, including Ripple (XRP), Solana (SOL), and Cardano (ADA). He stated that many issuers have made sufficient preparations for the market changes that may be brought by the election results and are accelerating the launch of new products accordingly.
Source:
CryptoSlate
,
Bloomberg
