According to data provided by leading ETF analyst Eric Balchunas, Bitcoin exchange-traded funds (ETFs) have now surpassed $90 billion in total assets.
These products are now just 28% away from catching up with gold ETFs in total assets.
On Monday, Bitcoin ETFs added $1 billion in flows and $5 billion in market appreciation, according to Balchunas.
SoSoValue data shows that spot ETFs managed to attract a total of $1.1 billion worth of inflows on Nov. 12. Unsurprisingly, BlackRock's IBIT was in the lead with a total of $756 million worth of inflows. Fidelity's FBTC came in a distant second place with $135 million.
Alex DovbnyaOn Tuesday, BlackRock's IBIT managed to surpass a total of $1 billion in trading volume in just 25 minutes. In fact, it is seeing more trading activity than such "granddaddy ETFs" like Invesco QQQ ETF (QQQ) and SPDR S&P 500 ETF Trust (SPY).
As reported by U.Today, the Bloomberg analyst recently predicted that Bitcoin ETFs could end up tripling gold ETFs in total assets. The prediction is based on the assumption that investors tend to find the yellow metal quite boring. Meanwhile, Bitcoin has emerged as a more exciting investment opportunity.
In other news, Blockstream CEO Adam Back recently forecasted that Bitcoin could surpass gold itself by market cap during this bull market cycle. Gold and Bitcoin are currently valued at $17.5 trillion and $1.7 trillion, respectively. Back's prediction implies that the price of the leading cryptocurrency could potentially reach $850,000.
The world's largest cryptocurrency is currently trading at $87,059 after giving up some of its gains.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin