cryptobriefing.com
The combined assets under management (AUM) of US-listed Bitcoin exchange-traded funds (ETFs) have now surpassed 51.5% of the size of gold ETFs, as Bitcoin’s price surged past $63,000 today.
There is currently $92.1 billion invested across 19 US-listed gold ETFs, according to data tracked by etfdb.com. In comparison, US Bitcoin ETFs now hold a cumulative 746,600 BTC, shows Dune data. With Bitcoin surging to $63,636 earlier today, this means these funds have amassed over $47.5 billion in assets.
This milestone follows the SEC’s approval of Bitcoin ETFs in the US seven weeks ago, marking a significant recognition of Bitcoin as an investable commodity.
This week, Bloomberg ETF analyst Eric Balchunas predicts Bitcoin funds will overtake gold in less than two years at their current growth trajectory.
Gold's Pain is Bitcoin ETFs' Gain in Store of Value Smackdown.. new from me on how gold being in the gutter is like the cherry on top for bitcoin fans who just got to witness the biggest ETF launch ever. Decent chance bitcoin ETFs pass gold ETFs in aum in less than 2yrs w… pic.twitter.com/rXJra1dyhF
— Eric Balchunas (@EricBalchunas) February 26, 2024
His view is echoed by BlackRock CEO Larry Fink, who has stated Bitcoin represents “digital gold” and a hedge against currency devaluation and inflation.
Today, Bitcoin hit $63,636 before plunging 6.4% to around $59,500 within an hour as traders took profits. However, buyers have since jumped back in, with Bitcoin recovering above $61,300 at press time, according to CoinGecko.