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Spot Bitcoin ETFs attain $37 billion in assets under management, approximately one-third of the assets held by gold ETFs.
Spot Bitcoin ETFs based in the US have amassed nearly $37 billion in assets under management (AUM) within the initial 25 days of trading, as per market data.
Notably, the total AUM of Bitcoin ETFs represents a significant portion of the overall AUM of gold ETFs, according to information provided by Bitcoin Archive.
Bitcoin ETF and gold ETF assets – Source: Bitcoin Archive
The $37 billion AUM of spot Bitcoin ETFs corresponds to 39.8% of the $93 billion AUM of gold ETFs and 28.5% of the combined AUM of both categories, which totals $130 billion.
Bitcoin ETFs may surpass gold ETFs
Bloomberg ETF analyst Eric Balchunas remarked on the growth of the ETFs over the 25-day period, stating:
“There’s been $4b-ish in net net flows + rally = on pace to pass gold much sooner than I estimated.”
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However, he pointed out that the Grayscale Bitcoin Trust (GBTC) held significant assets prior to its conversion to an ETF, indicating that the figures may not be “quite as impressive” as they appear.
In fact, a considerable portion of the spot Bitcoin ETF AUM is attributed to GBTC, followed by BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Bitcoin Trust (FBTC).
Spot Bitcoin ETF AUM – Source: Coinglass
Balchunas suggested that a surge in the leading cryptocurrency’s price to new all-time highs could enable these ETFs to surpass gold-based products rapidly. Nonetheless, he acknowledged that this scenario hinges on Bitcoin’s price as a “huge variable,” and a decline in price would result in a “much longer” timeframe.
Currently, spot Bitcoin ETFs are outperforming gold ETFs by other measures.
Analysis from CryptoSlate indicates that gold ETF outflows have experienced $3 billion in withdrawals year-to-date, while spot Bitcoin ETFs have recorded $4.1 billion in inflows since their inception.
The long-term impact of these trends on AUM remains uncertain.
The post Spot Bitcoin ETFs reach $37B in AUM, roughly one-third of gold ETF assets appeared first on CryptoSlate.
