Bitcoin (BTC) Ready to Flip Gold in Key Metric

Launched in January 2024, Bitcoin ETFs are close to a historic milestone. In less than 10 months after launch, Bitcoin ETFs are surpassing Gold-based trusts by aggregated market capitalization. The largest Bitcoin ETFs are ready to jump into the top 15 trusts as BTC price gains traction.

Bitcoin (BTC) ready for historic flippening over Gold (XAU)

Spot Bitcoin (BTC) exchange-traded funds are close to surpassing Gold-based ones by market cap. Amid a rocketing price of BTC, their aggregated capitalization exceeded $77.3 billion, expert Ilan Solot, co-head of Digital Assets at Marex Solutions, says.

According to Bloomberg Terminal's data shared by Solot, only half a year ago, Bitcoin ETFs had capitalization equal to only 50% of Gold-based ones.

As of printing time, Spot Bitcoin ETFs see their aggregated capitalization metrics nearing $80 billion. Total trading volume for last 24 hours surpassed $3.03 billion, CoinGlass says.

Yesterday, Spot Bitcoin ETFs registered the largest daily inflow. A total of $1,36 billion was injected in the last 24 hours. 

Today, in the early morning hours, Bitcoin (BTC) updated its all-time high at about $77,000. Trading volume on spot and derivatives exchanges exceeded $60 billion.

iShares Bitcoin Trust (IBIT) enters top league with $33.23 billion cap

As a result of a rapid Bitcoin (BTC) price spike, $240 million in crypto positions were erased in the last 24 hours, and over 60% of them were shorts.

Despite being the youngest class of exchange-traded funds, Bitcoin ETFs have already earned their place in the top ranking. For instance, the largest of them, iShares Bitcoin Trust (IBIT), with an over $33.2 billion market cap, is almost equal to iShares iBoxx Investment Grade Corporate Bond ETF (LQD), which is the 15th largest ETF in the U.S.

Products by Fidelity and Grayscale might also be listed in the top 25.