Bitcoin ETFs Officially Surpass $100 Billion in Assets as BTC Hits All-Time High
In a significant milestone for the cryptocurrency market, Spot Bitcoin ETFs have officially surpassed $100 billion in assets as Bitcoin soared to a new all-time high of $98,000. This achievement comes as Bitcoin continues its remarkable performance, reaching landmark prices for the third consecutive day this week.
The total net asset value of the 12 Bitcoin ETFs approved earlier this year has now exceeded $100.55 billion, driven by the impressive performance of Bitcoin over the past month. The surge in the value of these ETFs has been attributed to the momentum from the 2024 US presidential election, which has been pushing the price of Bitcoin higher.
According to Bloomberg analyst Eric Balchunas, year-to-date flows into Bitcoin ETFs are on pace to reach $30 billion, double the publication’s initial estimate. Balchunas also noted that these ETFs are now 97% of the way to surpassing Satoshi as the biggest holder and 82% of the way to surpassing gold ETFs.
Leading the pack in terms of assets under management is BlackRock’s iShares Bitcoin Trust (IBIT), with $45.4 billion in net assets. Grayscale’s GBTC follows closely behind with $20.6 billion. These two products are currently the largest Spot Bitcoin ETFs in the market, representing nearly 5.4% of all Bitcoin market capitalization, according to SoSoValue data.
The surge in Bitcoin ETF assets comes at a time when Bitcoin is experiencing unprecedented growth, with November proving to be a historic month for the cryptocurrency. Bitcoin’s price breakthroughs, including the recent climb towards $100,000, have significantly benefited the ETF market, further solidifying Bitcoin’s position as a mainstream investment asset.
Overall, the surpassing of $100 billion in assets by Bitcoin ETFs marks a significant milestone for the cryptocurrency market, highlighting the growing interest and confidence in Bitcoin as a valuable investment opportunity. As Bitcoin continues to make headlines with its impressive performance, the future of cryptocurrency ETFs looks promising.