Spot Bitcoin ETFs Surpass $90 Billion in Assets Amid $6 Billion One-Day Surge

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market trends and shifts. The current surge in Bitcoin ETF assets is truly remarkable, particularly given their rapid approach to surpassing gold ETFs.

This year, U.S.-listed Bitcoin exchange-traded funds (ETFs) have accumulated more than $90 billion in total assets following a $6 billion surge in a single day, which means they are now approximately one-third shy of overtaking gold ETFs in terms of assets under management.

According to senior Bloomberg ETF analyst Eric Balchunas, who posted on the social media platform X (previously known as Twitter), the $6 billion increase in spot Bitcoin ETFs within a day was due to $1 billion in inflows and a $5 billion market appreciation, resulting from a significant rise in Bitcoin’s price.

Bitcoin’s price has significantly increased by over 18% within the last week, currently trading near the $88,000 level. This surge has boosted its market capitalization to approximately $1.74 trillion. As per CryptoGlobe’s reports, spot Bitcoin ETFs recorded inflows worth over $1.38 billion in a single day earlier this month.

The value of Bitcoin-based Exchange Traded Funds (ETFs) has surpassed $90 billion, marking a $6 billion increase from yesterday ($1 billion in inflows and $5 billion in market appreciation). At this point, they represent about 72% of the total assets held by gold ETFs.

— Eric Balchunas (@EricBalchunas) November 12, 2024

Based on figures from Farside Investors, BlackRock’s iShares Bitcoin Trust (IBIT) attracted approximately $778.3 million in investments yesterday, while the Fidelity Wise Origin Bitcoin (FBTC) fund received around $37.2 million. Bitwise’s BITB remained steady, but Ark21Shares’ ARKB experienced outflows totaling $5.4 million.

Significantly, there has been a surge in investments in cryptocurrency products, with an inflow of approximately $1.98 billion observed during the week following the victory of Republican nominee Donald Trump in the U.S. Presidential elections.

Based on the latest report by CoinShares titled “Digital Asset Fund Flows,” the surge in inflows coinciding with the cryptocurrency market’s upward trend has driven the total value managed by crypto investment products to an all-time high of $116 billion.

The report details that Bitcoin-focused investment products saw $1.79 billion inflows over the past week, while Ethereum-focused products saw $157 million inflows.

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2024-11-13 18:05