Spot Bitcoin ETFs reach $37B in AUM, roughly one-third of gold ETF assets Spot Bitcoin ETFs reach $37B in AUM, roughly one-third of gold ETF assets
One analyst says BTC ETFs could outpace gold ETFs sooner than expected.
2 min read
Updated: Feb. 16, 2024 at 11:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
US-based spot Bitcoin ETFs have accumulated close to $37 billion in assets under management (AUM) within the first 25 days of trading, according to market data.
Incidentally, the total AUM of Bitcoin ETFs is a sizeable fraction of the overall AUM of gold ETFs, according to data shared by Bitcoin Archive.
The $37 billion AUM of spot Bitcoin ETFs is equal to 39.8% of the $93 billion AUM of gold ETFs and 28.5% of both classes’ combined $130 billion AUM.
Bitcoin ETFs could outpace gold ETFs
Bloomberg ETF analyst Eric Balchunas commented on the 25-day growth of the ETFs, stating:
“There’s been $4b-ish in net net flows + rally = on pace to pass gold much sooner than I estimated.”
However, he noted that the Grayscale Bitcoin Trust (GBTC) contained substantial assets before it was converted to an ETF, meaning that the numbers are “not quite as impressive” as they might seem.
Indeed, much of the spot Bitcoin ETF AUM is accounted for by GBTC, followed by BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Bitcoin Trust (FBTC).
Balchunas said that a rally in the flagship crypto’s price to new all-time highs could lead these ETFs to overtake gold-based products very quickly. However, he admitted that this outcome is dependent on Bitcoin’s price as a “huge variable,” and a downward trend in price would mean it would take “much longer.”
Spot Bitcoin ETFs are currently outperforming gold ETFs by other metrics.
CryptoSlate analysis shows that gold ETF outflows have seen $3 billion in outflows year-to-date, whereas spot Bitcoin ETFs have seen $4.1 billion in inflows since launch.
It is unclear whether those trends will have a lasting effect on AUM.
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.