The Spot Bitcoin ETFs have played an elemental role in accelerating the bull run fever. With capital inflows amounting to billions, Bitcoin ETFs have triggered BTC to ascend to new all-time highs.
These ETFs have paved the way for investors to explore new alternatives. in a new turn if events, a recent development has caught the market’s eye. BlackRock’s IBIT ETF has accumulated a whopping $7 billion in just seven weeks.
Recent metrics showed how BlackRock’s IBIT ETF surpassed gold ETFs in terms of popularity. Similarly, several analysts on X were quick to draw comparisons, stressing how it took two years for gold ETF to cross the $7 billion threshold.
Also Read: Grayscale Files For A Privacy-Focused ETF with the SEC
Can Bitcoin ETFs dethrone Gold’s supremacy?
Per Bloomberg analyst Eric Balchunas, BlackRock’s IShares Bitcoin Trust ETF has smashed a historic record.
Balchunas shared how the trust has accumulated nearly $10 billion in seven weeks. This influx is dubbed remarkable and drew several comparisons with gold ETFs. Following the trail, Balchunas noted how it took two years for gold ETFs to breach this mark.
It seems that the allure of gold ETFs is losing its sheen as compared to bitcoin ETFs.
The spot Bitcoin ETF influx is currently being driven by community sentiment and support. With FOMO driving the lead ahead, it seems that Bitcoin ETFs will continue to dominate the ETF market as of now.
Bitcoin, under the guise of ETFs, has opened up new avenues for traditional investors to explore BTC. Bitcoin ETFs enable traditional investors to purchase BTC without accessing its volatile price aspect. This, in turn, is inviting a new influx of users and traders, driving the sentiment up a notch.
Also Read: US Banking Association Urging SEC for Spot Bitcoin ETF Custodianship
Bloomberg analyst Eric Balchunas often tweets about the Bitcoin vs. Gold debate. Earlier, Balchunas shared how Bitcoin ETFs are poised to gain market momentum.