CandleFocus Bitcoin ETFs Surpass $90 Billion in Total Assets
2024-11-12
Author: Content Editor
According to data from ETF analyst Eric Balchunas, Bitcoin exchange-traded funds (ETFs) now have over $90 billion in total assets, putting them just 28% away from surpassing gold ETFs. On Monday, Bitcoin ETFs saw $1 billion in flows and $5 billion in market appreciation. Spot ETFs attracted $1.1 billion in inflows, with BlackRock's IBIT leading with $756 million in inflows. BlackRock's IBIT also reached $1 billion in trading volume in just 25 minutes, surpassing other popular ETFs. A Bloomberg analyst predicts that Bitcoin ETFs could triple gold ETFs in total assets, as Bitcoin is seen as a more exciting investment opportunity. Blockstream CEO Adam Back forecasts that Bitcoin could surpass gold by market cap, potentially reaching a price of $850,000. Currently, Bitcoin is trading at $87,059.
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