As a seasoned crypto investor with a decade of experience under my belt, watching the meteoric rise of Bitcoin-focused ETFs in the US has been nothing short of exhilarating. The fact that these funds have crossed the $100 billion milestone, accounting for 5.4% of Bitcoin’s total market cap, is a testament to the growing mainstream acceptance and adoption of digital assets.
As a researcher, I’ve recently observed an exciting development: The combined assets managed by the 11 Bitcoin exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission this year have surpassed the $100 billion mark. This milestone comes following approximately $30 billion in inflows, coinciding with a rise in Bitcoin’s price.
As reported by SoSoValue, U.S.-based Bitcoin spot ETFs currently hold approximately $100.6 billion in combined assets, an increase from inflows amounting to $29.35 billion. These ETFs make up roughly 5.4% of the total market value of Bitcoin.
Yesterday, as a crypto investor, I noticed a substantial increase in investments flowing into two major funds: BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Bitcoin Trust (FBTC). IBIT recorded an impressive $626.5 million inflow, while FBTC saw a significant $133.9 million influx, both on November 20th. In total, these funds experienced a combined inflow of approximately $773.4 million in a single day.
Daily inflows for average Bitcoin ETFs typically amount to about $134.5 million, peaking at an impressive $1.37 billion on a single day. Out of this staggering figure, approximately $1.11 billion was invested in BlackRock’s spot Bitcoin fund.
As per Eric Balchunas, a senior ETF analyst at Bloomberg, these funds have almost reached a point where they hold 97% as much Bitcoin as the anonymous creator of cryptocurrency, Satoshi Nakamoto. Additionally, these funds are currently 82% close to exceeding gold ETFs in terms of total assets.
Over the last year, the value of Bitcoin has significantly increased by over 165%, reaching a new high of $97,700. This remarkable achievement in its price came about following the introduction of spot Bitcoin ETFs and after Donald Trump secured the presidency of the United States.
It was anticipated that a Trump win would likely raise Bitcoin’s value, given the former U.S. President’s clear endorsement of the cryptocurrency industry. This might lead to a more favorable regulatory landscape due to decreased regulatory uncertainty and the possible placement of pro-crypto figures in influential roles.
Bitcoin’s value tends to surge following United States presidential elections, as demonstrated by its performance post-elections in 2012, 2016, and 2020, where it recorded returns of 87%, 44%, and 145% respectively over the subsequent 90 days.
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2024-11-21 22:37