The mixed resources below management (AUM) of US-listed Bitcoin exchange-traded funds (ETFs) dangle now surpassed 51.5% of the scale of gold ETFs, as Bitcoin’s trace surged previous $63,000 this day.
There’s for the time being $92.1 billion invested at some stage in 19 US-listed gold ETFs, per data tracked by etfdb.com. In comparability, US Bitcoin ETFs now support a cumulative 746,600 BTC, reveals Dune data. With Bitcoin surging to $63,636 earlier this day, this means these funds dangle accrued over $47.5 billion in resources.
This milestone follows the SEC’s approval of Bitcoin ETFs within the US seven weeks within the past, marking a important recognition of Bitcoin as an investable commodity.
This week, Bloomberg ETF analyst Eric Balchunas predicts Bitcoin funds will overtake gold in lower than two years at their latest advise trajectory.
Gold’s Be troubled is Bitcoin ETFs’ Make in Store of Fee Smackdown.. new from me on how gold being within the gutter is address the cherry on top for bitcoin followers who merely bought to explore the greatest ETF open ever. Decent likelihood bitcoin ETFs dart gold ETFs in aum in lower than 2yrs w… pic.twitter.com/rXJra1dyhF
— Eric Balchunas (@EricBalchunas) February 26, 2024
His gape is echoed by BlackRock CEO Larry Fink, who has acknowledged Bitcoin represents “digital gold” and a hedge in opposition to currency devaluation and inflation.
At the present time, Bitcoin hit $63,636 sooner than plunging 6.4% to around $59,500 within an hour as traders took profits. On the other hand, traders dangle since jumped aid in, with Bitcoin recovering above $61,300 at press time, per CoinGecko.
