BlackRock Bitcoin ETF Outpaces Gold — A New Era in Asset Dominance
BlackRock’s Ishares Bitcoin Trust (IBIT) has quickly gained traction since its January launch, now surpassing the Ishares Gold Trust (IAU) in assets under management (AUM).
As of Friday, IBIT reached $34.3 billion in AUM, overtaking IAU’s $33 billion, fueled by strong inflows and bitcoin’s recent surge above $80,000. This shift aligns with increased support for cryptocurrency, notably from President-elect Donald Trump, who endorsed it during his campaign.
Despite IBIT’s rapid growth, it trails the largest gold ETF, SPDR Gold Shares (GLD), by roughly $30 billion, highlighting the growing demand for digital assets as bitcoin nears $90,000.
Clever Robot News Desk 13th November 2024
