The launch of bitcoin spot ETFs (exchange-traded funds) in January 2024 marked a perfect start to the year for the cryptocurrency industry. These crypto investment products were expected to go the extra mile for the leading cryptocurrency, attracting more investors to the digital asset space.
BlackRock's exchange-traded fund IBIT has been the leader of the pack, as expected, breaking records and attracting significant new capital week after week. In one such feat, the bitcoin ETF has surpassed BlackRock's gold fund in terms of net assets.
BlackRock bitcoin ETF Surpasses $33 Billion in Net Assets
As of Thursday, November 7, BlackRock's bitcoin exchange-traded fund with the symbol IBIT has net assets of nearly $33.2 billion. This figure puts the bitcoin ETF just above its gold counterpart (symbol IAU), which has around $32.9 billion in net assets.
What makes this feat more impressive is the fact that BlackRock's IBIT only began trading in January 2024, along with 10 other bitcoin ETFs. Meanwhile, the asset manager's gold fund had a 20-year head start, having started trading in January 2005.
Nate Geraci, President of the ETF Store twitter.com/NateGeraci/status/1854882220407701661″ target=”_blank” rel=”noopener nofollow”>revealed This in a post on the x platform on Thursday, coinciding with the day when IBIT once again recorded positive inflows with its largest capital inflow to date. According to data from SoSoValue, BlackRock's bitcoin ETF recorded a huge net inflow of $1.12 billion.
This impressive single-day performance represents a significant turnaround from a series of negative outings for the crypto fund. IBIT recorded a cumulative outflow of $113 million on Tuesday, November 5 and Wednesday, November 6.
BlackRock's IBIT also leads the US bitcoin ETF market in terms of net assets; GBTC and Grayscale's Fidelity come in second and third with $16.8 billion and $14.58 billion, respectively. The Ark & 21Shares ETF (with symbol ARKB) and the Bitwise fund (with symbol BITB) make up the top five.
bitcoin Price Overview
Cryptocurrency enthusiasts will be on the lookout for a more significant capital inflow to the BlackRock bitcoin ETF, as history suggests that the price of bitcoin is positively correlated with such fund movement. As shown by Thursday's price action, the leading cryptocurrency successfully surpassed the 76,000 mark.
At the time of writing, bitcoin price sits above $76,500 after briefly surpassing $77,000 on Friday. According to data from CoinGecko, the market leader rose more than 10% last week.
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The price of bitcoin approaching $77,000 on the daily timeframe | Source: BTCUSDT chart on x/qVVOHNFf/" target="_blank" rel="noopener nofollow">TradingView
Featured image from Getty Images, chart from TradingView
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