Key Takeaways
- BlackRock's Bitcoin ETF (IBIT) reached $33 billion, surpassing its gold ETF.
- IBIT gained $1.1 billion in inflows after Trump's election victory.
- Bitcoin ETFs top ETF inflows in 2024, led by BlackRock’s IBIT.
BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has surpassed the firm’s iShares Gold Trust (IAU) in assets under management, achieving $33 billion as of November 8, 2024.
This rapid growth reflects shifting investor interest toward Bitcoin as a store of value, with the IBIT reaching this milestone less than a year after its debut, while the gold ETF has been in the market since 2005.
Importance
Nate Geraci, president of The ETF Store, emphasized the importance of this development, noting the speed with which IBIT has gained popularity compared to IAU’s nearly two-decade tenure.
Increased trading volume on November 6, just after Donald Trump’s election victory, further signaled heightened interest, as investors speculated that the incoming administration may favor Bitcoin-friendly policies.
Bloomberg analyst Eric Balchunas reported this was IBIT’s busiest trading day so far.
Inflows
On November 7, IBIT also saw $1.1 billion in new inflows after two days of outflows totaling $113.3 million, according to Farside data, indicating strong ongoing interest.
Bitcoin’s price continued its upward trend, climbing above $77,000, further bolstering demand for Bitcoin ETFs, which have dominated inflows in 2024.
Of nearly 400 new ETFs launched this year, four of the largest inflows are from spot Bitcoin ETFs, according to Geraci.
