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As the price of Bitcoin surged past $63,000 today, the total assets under management (AUM) of the US-listed Bitcoin exchange-traded fund (ETF) surpassed 51.5% of the size of the gold ETF.
There is currently $92.1 billion invested in 19 U.S.-listed gold ETFs, according to data tracked by etfdb.com. By comparison, the US Bitcoin ETF currently holds a cumulative 746,600 BTC, Dune data shows. With the price of Bitcoin surging to $63,636 earlier today, this means the fund has amassed over $47.5 billion in assets.
This milestone follows the SEC’s approval of the Bitcoin ETF in the United States seven weeks ago, marking a major recognition of Bitcoin as an investable product.
This week, Bloomberg ETF analyst Eric Balchunas predicted that Bitcoin funds will overtake gold within two years on their current growth trajectory.
Gold’s pain is Bitcoin ETF’s gain in store-of-value smackdown. How gold being in the gutter is like the cherry on top for Bitcoin fans who just witnessed the launch of the largest ETF of all time. This is news. Bitcoin ETFs will likely surpass gold ETFs within two years. pic.twitter.com/rXJra1dyhF
— Eric Balchunas (@EricBalchunas) February 26, 2024
His views are consistent with those of BlackRock CEO Larry Fink, who said Bitcoin is “digital gold” and a hedge against currency devaluation and inflation.
Today Bitcoin hit $63,636 before falling 6.4% to $59,500 in an hour as traders took profits. But buyers have since jumped back in, with Bitcoin recovering to more than $61,300 at press time, according to CoinGecko.
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