CandleFocus US Bitcoin ETF on track to outpace gold funds in total assets under management
2024-11-12
Author: Content Editor
The popularity of Bitcoin (BTC) ETF has surged, with significant inflows and volumes as the coin reaches new record highs. The assets in Bitcoin's ETF are on track to rival those of gold ETF in the USA. Bitcoin ETFs now hold over $84 billion in assets, making them one of the largest holders of physical coins. Traders expect a record week of inflows after a period of accumulation. BlackRock's IBIT fund has seen trading volumes above $4.59 billion, and other funds have also rallied. In the longer term, ETFs based on digital currencies may catch up with gold in terms of assets under management. Gold ETFs have been popular in recent years, especially due to inflationary pressures. The collection of Bitcoin ETFs has the potential to triple its volumes and rival gold funds in the future. Actual BTC coins are becoming scarcer as ETFs create a constant stream of demand. Gold ETFs have seen net inflows for several months, driven by the US market. Bitcoin ETFs saw $870 million inflows in October, while gold ETFs drew in $4.7 billion. ETFs as a whole have gained popularity with younger investors, who are also more open to crypto assets. The correlation between BTC and gold has been strong, but gold has started to decline recently while BTC continues to rise.
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