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Bitcoin Trust Exceeds Gold Trust in Assets
BlackRock’s iShares Bitcoin Trust has recently surpassed the firm’s iShares Gold Trust in net assets. As of the latest data, IBIT’s assets have reached $33.2 billion, exceeding the $32 billion held in BlackRock’s gold ETF. Notably, IBIT was launched earlier this year, while IAU has been trading since 2005.
Significant Growth in Bitcoin ETF Assets
Bitcoin ETF Sees Rapid Asset Growth in a Short Period
IAU began the year with a considerable head start on IBIT, with a lead of approximately $25 billion. However, IBIT has quickly caught up in a matter of months, showcasing impressive growth. While IBIT has now surpassed IAU in assets, it still has a significant gap to close in comparison to the largest gold ETF, SPDR Gold Shares, which holds $76 billion worth of gold.
Rising Performance of Gold and Bitcoin
Gold and Bitcoin Prices Show Strong Performance
This year, both gold and bitcoin have shown strong performance in terms of price appreciation. Gold has seen an increase of around 80%, while bitcoin has outperformed with an 80% year-to-date rise. Bitcoin, the leading cryptocurrency, reached another all-time high, surpassing $77,000 on Friday.
Inflows into Bitcoin ETFs
IBIT Receives Record Inflows Following Bitcoin Rally
The recent surge in IBIT’s value can be attributed to a rally in bitcoin, partly driven by former President Donald Trump’s election win. U.S. spot Bitcoin ETFs experienced significant inflows, reaching nearly $1.3 billion on Thursday, with IBIT alone accounting for $1.1 billion of that total. This marked an all-time high for IBIT and any other bitcoin ETF in terms of inflows.
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