Bitcoin exchange-traded funds (ETFs) now have more than $90 billion in total assets, according to statistics from top ETF researcher Eric Balchunas.
In terms of total assets, these products are currently only 28% away from exceeding gold ETFs.
According to Balchunas, Bitcoin ETFs saw $5 billion in market gain and $1 billion in flows on Monday.
On November 12, spot ETFs were able to draw inflows of $1.1 billion, according to SoSoValue statistics. It should come as no surprise that BlackRock’s IBIT led the pack with inflows of $756 million. With $135 million, Fidelity’s FBTC finished in a far-off second position.
In just twenty-five minutes on Tuesday, BlackRock’s IBIT was able to reach $1 billion in trading volume. In actuality, it is seeing more trading activity than “granddaddy ETFs” like SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ).
According to U.Today, a Bloomberg analyst recently forecast that the total assets of Bitcoin ETFs might eventually triple those of gold ETFs. The forecast is predicated on the idea that Bitcoin has become a more interesting investment option and that investors generally perceive the yellow metal to be somewhat dull.
In other news, Blockstream CEO Adam Back recently predicted that during current bull market cycle, Bitcoin’s market capitalisation might overtake that of gold. The current values of Bitcoin and gold are $1.7 trillion and $17.5 trillion, respectively. According to Back’s estimate, the price of the most popular cryptocurrency may rise to $850,000.
The biggest cryptocurrency in the world has given up some of its gains and is now trading at $87,059.
