BlackRock Holds More Bitcoin Than Gold in Just 10 Months Thanks to ETFs

GhSo...taPv

9 Nov 2024

The losses of the early days of the week were quickly filled by Bitcoin ETFs with a surge of buying power after the US Presidential election.

According to statistics from Farside Investors, 11 US Bitcoin ETFs ended the trading session on November 8 with inflows of $293.4 million. The majority of buying power was still from BlackRock's IBIT fund thanks to inflows of $206 million, while the momentum of other funds was significantly reduced.

However, BTC ETFs still had a successful week with a total net inflow of $257.4 million, especially when this was a period of volatility spreading across financial markets.

After ending October with a net buy of $5.6 billion in the last two weeks, BTC ETFs started November with three consecutive negative days, with selling pressure of $712 million as US investors hedged their bets ahead of the US Presidential election on November 5.

However, when the results showed that Donald Trump would become the next President of the United States and the Fed announced a rate cut as expected, optimism quickly returned to Wall Street investors, leading to the sessions of November 6 and November 7 exploding with a record daily inflow of $1.37 billion, the highest level since Bitcoin ETFs opened for trading in January.

This is the 5th consecutive week that the 11 US Bitcoin ETFs have positive inflow, after the previous achievements of $348.4 million, $2.129 billion, $997.6 million, $2.22 billion and most recently $257.4 million.

BlackRock's IBIT fund also continued its streak of sublime days when it bought up to $1.3 billion in BTC last week. Notably, the amount of Bitcoin owned by BlackRock's ETF has surpassed the $33.1 billion mark in just 10 months, surpassing the $32.9 billion that the company's gold ETF achieved in 19 years of trading.

iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF (IAU) in assets…

Did this in 10mos.

IAU launched in January 2005.

Absolutely wild. pic.twitter.com/dLi16A28Gc

— Nate Geraci (@NateGeraci) November 8, 2024

Wall Street analysts continue to predict that 2025 will be the year when crypto ETFs will attract more attention from investors, especially millennials.

Bitcoin price on the morning of November 9 continued to set a new ATH at $77,200, up 15% since the beginning of November.

Meanwhile, Ethereum ETFs also achieved success this week with a total inflow of $154.7 million, with 3 consecutive days of inflows above $50 million, showing increased investor interest after a long period of disappointing ETH price performance.