Fun

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

News Feed

Hashkey Capital Raises $500 Million for Its Third Fund, Despite Crypto Market Downturn
Hashkey Capital Raises $500 Million for Its Third Fund, Despite Crypto Market Downturn On Tuesday, global asset manager Hashkey, which focuses on crypto and blockchain investments,
Luxury Brand Ralph Lauren Now Accepting Crypto Payments at Its New Miami Store
Luxury Brand Ralph Lauren Now Accepting Crypto Payments at Its New Miami Store The U.S. luxury brand Ralph Lauren has said customers can now pay via crypto at its Miami Design Dist
Tether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K?
Zoltan Vardai11 hours agoTether mints 1.3B USDT since market bottom — Can it push Bitcoin above $65K?The newly minted stablecoins could help push Bitcoin’s price above the $65,000 resistance, which is the short-term
Stablecoin USDC’s ERC20 Issuance Surpasses USDT’s Total Supply on Ethereum
Stablecoin USDC"s ERC20 Issuance Surpasses USDT"s Total Supply on Ethereum On Saturday, January 15, 2022, the market capitalization of all the stablecoins in existence is $173 bill
Bitcoin Historical Data Points To Imminent 62% Price Surge – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
US Justice Department charges KuCoin and two founders with violating AML laws
Turner Wright8 hours agoUS Justice Department charges KuCoin and two founders with violating AML lawsKuCoin founders Chun Gan and Ke Tang remain at large, according to DOJ officials, who unsealed an indictment against th
WWE Inks Long-Term Deal With Fanatics to Push Official Merchandise, Trading Cards, and NFTs
WWE Inks Long-Term Deal With Fanatics to Push Official Merchandise, Trading Cards, and NFTs The media and entertainment company World Wrestling Entertainment, Inc., otherwise known
Euro Reaches Parity Against the US Dollar, While the USD Index Taps a 20-Year High
Euro Reaches Parity Against the US Dollar, While the USD Index Taps a 20-Year High Eight days ago, the euro tapped a record low against the U.S. dollar as it hit $1.028 per unit ag
Hong Kong legislator eyes Bitcoin for fiscal reserves
Amaka Nwaokocha14 hours agoHong Kong legislator eyes Bitcoin for fiscal reservesBy engaging with stakeholders and focusing on compliance, Johnny Ng aims to position Hong Kong as a leader in adopting Bitcoin and Web3 tech
Bitcoin price recovery to $62.5K could trigger breakout in TON, AVAX, KAS and XMR
Rakesh Upadhyay4 hours agoBitcoin price recovery to $62.5K could trigger breakout in TON, AVAX, KAS and XMRBitcoin’s recent weakness has pulled several altcoins lower, but TON, AVAX, KAS and XMR look set to move higher
Alameda Research Sues Grayscale Investments Seeking to Unlock Billions in Value for Shareholders
Alameda Research Sues Grayscale Investments Seeking to Unlock Billions in Value for Shareholders FTX Debtors and affiliate Alameda Research Ltd. have filed a lawsuit against Grays
Biggest Movers: LINK Nears 2-Week High, SOL Extends Recent Gains
Biggest Movers: LINK Nears 2-Week High, SOL Extends Recent Gains Chainlink rallied to a 12-day high earlier in today’s session, as the token neared the $7.00 level. The move come