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In summary
- BlackRock now manages more assets in its Bitcoin ETF ($33.17 billion) than in its gold ETF ($32.96 billion).
- Following Trump’s re-election, BlackRock’s Bitcoin ETF hit a record $4.1 billion in daily volume.
- BlackRock’s Bitcoin ETF is the largest on Wall Street, doubling that of Grayscale, which holds $16.79 billion in BTC.
BlackRock, the world’s largest asset manager, now manages more Bitcoin than gold for its flagship exchange-traded funds (ETFs).
To be more precise: The Wall Street giant’s iShares Bitcoin Trust ETF (IBIT) has now surpassed its iShares Gold ETF (IAU) in terms of net assets, a notable achievement given that the former product has only been around since January, while The iShares Gold ETF has been offered since 2005; BlackRock acquired the business and brand from Barclays in 2009.
As of Thursday’s market close, BlackRock’s spot Bitcoin ETF has now accumulated a staggering $33.17 billion in value, according to data from the firm. BlackRock’s gold ETF has now lagged slightly behind, with $32.96 billion in net assets.
Bitcoin and gold are often considered comparable stores of value, with BTC long being called “digital gold” by many Cryptocurrency advocates.
The strength of BlackRock’s Bitcoin ETF was undoubtedly strengthened by Donald Trump’s re-election on Tuesday, a seismic event that has sent markets soaring. The day after Trump retaken the White House, the firm’s Bitcoin ETF recorded its largest daily trading volume in history, at $4.1 billion.
That activity even surpassed the daily volume of blue-chip stocks like Netflix, Visa and Berkshire Hathaway during the same period, according to Bloomberg senior analyst Eric Balchunas, a sign of enthusiasm among investors that Trump will effectively deliver on his many promises. to end the US government’s crypto crackdown and support the new industry.
On Thursday, BlackRock recorded its largest-ever net flow to the Bitcoin ETF at $1.12 billion.
“We are in an ideal scenario right now of monetary easing, political certainty and strong US data,” Pav Hundal, lead market analyst at cryptocurrency exchange Swyftx, told Decrypt at the time. “Capital is everywhere and, right now, it is flooding into ETFs at an extraordinary rate.”
Of the 11 spot Bitcoin ETFs currently available on Wall Street, BlackRock’s is easily the largest. The next largest is Grayscale which currently holds $16.79 billion in Bitcoin (about half that of BlackRock).
Edited by Andrew Hayward
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