You can also read this news on COINTURK NEWS: BlackRock’s iShares Bitcoin Trust Surpasses Gold Trust in Assets
BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed the total assets of the firm’s 19-year-old iShares Gold Trust (IAU), just two days after Americans elected crypto-friendly Donald Trump as president. As of Thursday, the net assets of iShares Bitcoin Trust rose to $33.2 billion, reflecting an approximate 10% increase since the start of the month.
The rise in net assets indicates that BlackRock’s clientele is increasingly favoring Bitcoin over Gold. This trend supports claims that Bitcoin is outperforming Gold in the current market.
Following Trump’s victory, the price of Bitcoin reached new record levels, increasing nearly 12% since election day. In contrast, Gold prices peaked at $2,789 per ounce on October 31, stabilizing around $2,686 during the writing of this article.
U.S. spot Bitcoin ETFs garnered approximately $1.4 billion in net inflows on Thursday, largely attributed to rising demand for riskier assets post-Trump’s election victory and the Federal Reserve lowering interest rates by 25 basis points.
“ETF inflows have reached truly abnormal levels since the Bitcoin ETF operations began, outperforming Gold by tenfold before its first year is completed.” – André Dragosch, Head of European Research at Bitwise.
With a total of 11 U.S. spot Bitcoin ETFs holding $78.5 billion in net assets, BlackRock’s IBIT constitutes 42% of that figure. The rapid growth of Bitcoin ETFs highlights the increasing interest in this leading cryptocurrency.
As IBIT prepares for its launch in January 2024, it underscores the growing acceptance of cryptocurrencies as financial instruments, while investors maintain interest in traditional commodities.
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