BlackRock's Bitcoin ETF, IBIT, had a week that could only be described as electrifying, right after the US elections! Picture this: Bitcoin ETFs have been having a blast this year, but BlackRock’s IBIT is the star of the show, attracting some serious cash flow. Breaking its own record on November 7, just a day after the US election results dropped, it raked in a whopping $1.120 billion! And the party didn't stop there. By Friday, it had scooped up another $206.1 million, bringing its assets under management to over $33 billion, all in just ten months!
Here’s the kicker: BlackRock's Bitcoin ETF has now leapfrogged its gold counterpart, iShares Gold ETF (IAU), which has been around since 2005 and has just under $33 billion in assets. Talk about a fast and furious rise!
The data tells an interesting tale. On average, all spot BTC ETFs have seen $123.1 million flowing in daily, but IBIT is the kingpin here, boasting $130.4 million daily. No other Bitcoin ETF can even touch this, with Fidelity's FBTC trailing at $51.2 million.
And when it comes to withdrawals, IBIT is rock solid. Its worst day saw $69.1 million in outflows, while others like FBTC, Ark Invest’s ARKB, and Bitwise’s BITB faced much bigger hits. Grayscale's GBTC holds a not-so-enviable record with a massive $642.5 million withdrawn.
In terms of assets under management, IBIT is in a league of its own, boasting triple the amount of FBTC, and the gap only widens when compared with the rest.
Both Bitcoin and gold have had quite the ride this year, but the past few days have been particularly wild. Following Donald Trump’s election as the 47th US president on November 6, gold saw a sharp drop from nearly $2,760/oz to $2,640/oz, a 4% dip. It made a slight comeback to $2,684 but remains in the red.
Meanwhile, Bitcoin was on a rocket ride, soaring from $67,000 to $75,000 on election day, and reaching a peak of $77,240 shortly after. That's a dazzling 15% jump in just a few days, stealing the spotlight from gold, which has been struggling to keep its shine. What a time to be in the crypto game!
