Bitcoin ETFs on track to overtake gold ETFs within 2 months Bitcoin ETFs on track to overtake gold ETFs within 2 months
US-traded spot Bitcoin ETFs now represent 66% of their gold counterparts' total assets under management.
2 min read
Updated: Nov. 11, 2024 at 10:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
As of Nov. 11, US-traded spot Bitcoin (BTC) exchange-traded funds (ETFs) held $84 billion, equating to roughly 66% of gold ETFs’ total assets under management (AUM).
According to senior Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETFs’ current growth trajectory is on track to fully overtake the AUM of gold ETFs in the next two months. He added that this is magnitudes lower than his initial timeline of four to five years.
Meanwhile, The ETF Store CEO Nate Geraci recently highlighted that BlackRock’s iShares Bitcoin ETF (IBIT) surpassed the AUM of the firm’s gold counterpart iShares Gold ETF (IAU). He noted that it took BlackRock’s gold ETF 20 years to reach this point, while it took the Bitcoin ETF less than 10 months.
Record-breaking week
Farside Investors’ data shows that spot Bitcoin ETFs registered multiple records last week. IBIT surpassed $1 billion in inflows in a single day on Nov. 7, prompting the total inflows for spot Bitcoin ETFs to over $1.3 billion, a new collective record.
IBIT closed on Nov. 7 with $4.1 billion in trading volume, the most significant trading activity since its launch. Collectively, the US-traded spot Bitcoin ETFs registered $6 billion in volume, another record for the group of newly launched funds.
Balchunas highlighted that IBIT’s volume was higher than consolidated stocks such as Berkshire, Netflix, and Visa on that day.
IBIT reached $1 billion in trading volume in the first 35 minutes of trading on Nov. 11 after Bitcoin reached a new ATH over the weekend and continued to rally. The other ETFs experienced a similar surge, with Bitwise CEO Hunter Horsley saying the company’s products are seeing “huge volumes.”
Geraci predicted that more crypto-related ETFs may get listed this week, citing XRP, Solana (SOL), and Cardano (ADA).
He explained that multiple issuers were “highly prepared” for the election results and there is no downside to getting aggressive in the current market landscape.
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Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Solana
$194.663
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
XRP
$2.29910
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Cardano
$0.94834
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.
Hunter Horsley, the Co-founder and CEO of Bitwise Asset Management, brings a wealth of experience from his tenure as a Facebook product manager.