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First gold ETF took 2 years to hit $10B, this Bitcoin ETF did it in 2 months

News Feed - 2024-03-04 02:03:25

Martin Young3 hours agoFirst gold ETF took 2 years to hit $10B, this Bitcoin ETF did it in 2 monthsBlackRock’s iShares Bitcoin Trust has amassed $10 billion in assets under management in just seven weeks.2562 Total views26 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBlackRock’s iShares Bitcoin Trust (IBIT) has crossed $10 billion in assets under management (AUM) in just over seven weeks — a figure that took the first U.S. gold-backed ETF more than two years to achieve. 


As of March 1, BlackRock’s Bitcoin ETF reached $10 billion in AUM — around 39 trading days since launch.


On the other hand, the United States’ first gold ETF — SPDR Gold Shares (GLD) — took more than two years to do the same following its launch in 2004, according to the Zero Hedge finance blog.SPDR Gold Shares (GLD) AUM five years. Source: Ycharts


“Bitcoin ETF inflows have absolutely blown gold’s out of the water. Not even close, utterly dwarfed, decimated,” said Reflexivity Research co-founder Will Clemente on March 3.


There were several days of record inflows to spot Bitcoin ETFs last week, with Feb. 26, 27 and 28 exceeding $500 billion for the new nine ETFs.Bitcoin and gold ETF inflows compared. Source: X/Will


On March 4, retired venture capitalist Jeff Kirdeikis shared a chart comparing the inflows of BTC ETFs with the outflows of gold funds, adding that Bitcoin products have already accumulated almost half of the value of gold funds since their launch in January.Bitcoin and gold ETF flows comparison. Source: X/JeffKirdeikis


Goldbug Peter Schiff wasn’t swayed. On March 2, he said CNBC was so fixated on the “sideshow going on with Bitcoin and the new Bitcoin ETFs, that they haven’t even reported on today’s $43 rise in the price of gold or the new record-high price in the gold ETF GLD.”


Related:Gold ETFs bleed $2.4B so far in 2024 as Bitcoin ETFs hit record volumes


Spot gold prices returned to near-peak levels of $2,081 per ounce on March 3. However, the precious yellow metal has only gained 1% since the beginning of the year. Comparatively, Bitcoin prices have surged 50% over the same period.


In late February, Bloomberg ETF analyst Eric Balchunas said, “Gold’s pain is Bitcoin ETFs’ gain in the store of value smackdown.” He added that there was a “decent chance” that Bitcoin ETFs would surpass gold ETFs in AUM in less than two years.


Magazine:Real-life Doge at 18: Meme that’s going to the moon# Bitcoin# Gold# ETFAdd reactionAdd reactionRead moreWhy are BTC traders bearish above $64K? 5 things to know in Bi

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