New data shows that asset management titan BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF) has surpassed its gold counterpart in terms of net assets.
In a new wire on the social media platformIBIT) took just 10 months to surpass the IShares Gold Trust (IAU), which was launched many years ago.
“iShares Bitcoin ETF (IBIT) has now surpassed the iShares Gold ETF in assets… Did this in 10 months. IAU was launched in January 2005. Absolutely wild.”
According to the data, as of the morning of November 7, IAU had $32.7 billion in net assets, while IBIT reached $33.1 billion.
The news comes as major crypto assets continue to rise in market capitalization following the US presidential election, which took place on November 5 and saw Donald Trump defeat Kamala Harris.
The crypto king was valued at around $69,000 before the election. That night and the next day, the stock rose to $74,000 and is now trading at $76,000 at the time of writing, a marginal increase over the past 24 hours.
In October, IBIT set a new daily inflow record when investors poured $875 million in daily inflows into the ETF, according to data from market intelligence firm Coinglass. The previous record was $849 million.
At the time, Bloomberg ETF expert James Seyffart said the last two weeks of October were an “unprecedented” time for BTC ETFs.
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Featured image: Shutterstock/laskoart/Andy Chipus