US Bitcoin ETF assets break $100 billion

From cointelegraph by Alex O'Donnell

United States Bitcoin (BTC) exchange-traded funds (ETFs) broke $100 billion in net assets for the first time on Nov. 21, according to data from Bloomberg Intelligence.

Bitcoin has dominated the ETF landscape since spot BTC ETFs launched in January. Investor interest accelerated after crypto-friendly President-elect Donald Trump prevailed on Nov. 5 in the US elections.

November’s surge in BTC ETF net assets reflects “a more positive outlook for the future of Bitcoin after Trump’s election win, which boosted performance and brought over $5 billion of inflows,” Bryan Armour, director of passive strategies research at Morningstar, told Cointelegraph.

Collectively, BTC ETFs now manage approximately $104 billion. They are on track to surpass gold ETFs in net assets, which together hold approximately $120 billion in assets under management (AUM) as of Nov. 21, according to Bitcoin Archive.

Bitcoin ETFs are “now 97% of way to passing Satoshi as biggest holder and 82% of way to passing gold ETFs,” Eric Balchunas, an ETF analyst for Bloomberg Intelligence, said in a Nov. 21 post on the X platform.

BlackRock’s iShares Bitcoin Trust (IBIT) leads the pack, pulling $30 billion in net inflows since January, according to Bloomberg data.

Fidelity Wise Origin Bitcoin Fund (FBTC) has been the second most popular BTC ETF, seeing inflows of more than $11 billion so far this year, per Bloomberg.

The crypto market surged following Trump’s victory in the US presidential election, as many believe his win will benefit the industry, Cointelegraph Research said.

Spot BTC traded at more than $96,000 as of Nov. 21, up nearly 120% since the start of 2024, according to Google Finance data.

Nov. 6 was IBIT’s “biggest volume day ever” as investors flocked to cryptocurrencies after Trump’s election win, Balchunas said in a Nov. 6 X post.

On Nov. 7, IBIT clocked $1.1 billion in inflows, reclaiming inflow status after two consecutive days of outflows totaling $113.3 million, according to Farside data.

BTC is expected to top somewhere between $100,000 and $150,000 per coin, MV Global said.

BlackRock’s IBIT now holds more assets than the asset manager’s gold ETF despite only launching in January, data from BlackRock shows.

Investors are turning toward gold and BTC in a so-called “debasement trade” as they brace for a “catastrophic scenario” amid rising geopolitical tensions, according to an Oct. 3 report by JPMorgan.