Amid the ongoing rise of the leading cryptocurrency, Spot Bitcoin ETFs have officially surpassed $100 billion in assets. Indeed, the investment vehicle followed BTC’s lead as the crypto skyrocketed to a $98,000 all-time high late Wednesday. The move marked the third consecutive day the asset reached a landmark price this week.
Altogether, the total net asset value of the 12 Bitcoin ETFs approved in January of this year surpassed a mark of $100.55. The product’s surge has been driven by Bitcoin’s performance over the last month. Specifically, momentum from the 2024 US presidential election continues to push the asset higher.
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Bitcoin ETFs Pass $100B in Assets as BTC Sets Yet Another All-Time High
2024 has proven to be a monumental year for Bitcoin, but November is undoubtedly its greatest month of all time. The asset has reached continual landmark prices, starting with its $93,000 breakthrough last week. Yet, the crypto upped the ante Wednesday, edging closer to the $100,000 mark.
That has benefitted the crypto-based ETF that came to the market at the start of the year. Indeed, those spot Bitcoin ETFs have officially surpassed $100 billion in assets. Bloomberg analyst Eric Balchunas notes that year-to-date flows are on pace for $30 billion. Moreover, that figure is double the publication’s estimate.
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Additionally, Balchunas said, “They’re now 97% of [the] way to passing Satoshi as the biggest holder and 82% of [the] way to passing gold ETFs.” As has been the case for most of the year, BlackRock’s iShares Bitcoin Trust (IBIT) is leading the way.
Specifically, the $10 trillion asset manager’s Bitcoin investment vehicle now holes $45.4 billion in net assets. A rather distant second is Grayscale’s GBTC holding $20.6 billion. Yet, both of the products stand as the two largest Spot Bitcoin ETFs on the market. According to SoSoValue data, these ETFs represent nearly 5.4% of all Bitcoin market capitalization.