Bitcoin (BTC) Ready to Flip Gold in Key Metric

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As a seasoned researcher with a decade of experience in the financial industry, I’ve seen my fair share of market trends and shifts. However, the rapid growth of Bitcoin ETFs has left me genuinely astounded. In just ten months since their launch, they have surpassed Gold-based trusts by market capitalization – a feat that, quite frankly, I never thought I’d witness in my lifetime.

By January 2024, Bitcoin Exchange-Traded Funds (ETFs) will nearly reach a significant landmark in their history. In just under 10 months since their debut, these Bitcoin ETFs have outperformed Gold-based trusts in terms of combined market capitalization. The largest Bitcoin ETFs are poised to break into the top 15 trusts as the price of Bitcoin continues to rise.

Bitcoin (BTC) ready for historic flippening over Gold (XAU)

Bitcoin (BTC) exchange-traded funds are nearly overtaking gold-based ETFs in terms of market value. With the soaring cost of BTC, the combined capitalization has reached $77.3 billion, according to Ilan Solot, co-head of Digital Assets at Marex Solutions. In simpler terms, Bitcoin ETFs are almost catching up to gold ETFs in terms of their total worth due to a dramatic increase in the price of BTC, and their combined value now stands at around $77.3 billion as stated by Ilan Solot from Marex Solutions.

Bitcoin ETFs Market Cap Flipping GLD

— Ilan Solot (@isolot) November 8, 2024

As an analyst, I recently noticed that just six months ago, Exchange Traded Funds (ETFs) backed by Bitcoin accounted for merely half the market capitalization compared to those tied to gold, as per data from Bloomberg Terminal, shared by Solot.

Currently, the cumulative market value of Spot Bitcoin ETFs is almost at $80 billion according to data collected at print time. Over the past 24 hours, trading volume has exceeded $3.03 billion as reported by CoinGlass.

Yesterday marked the biggest single-day influx into Spot Bitcoin ETFs, with a grand sum of approximately $1.36 billion being invested over the past 24 hours.

This morning, Bitcoin (BTC) reached a new peak record around $77,000. The combined trading activity on both spot and derivative platforms surpassed an impressive $60 billion.

iShares Bitcoin Trust (IBIT) enters top league with $33.23 billion cap

In the past day, I’ve observed a significant surge in Bitcoin’s (BTC) value that led to a wipeout of approximately $240 million in cryptocurrency positions. Interestingly, more than 60% of these losses were due to short positions.

Although Bitcoin ETFs are relatively newcomers in the exchange-traded fund (ETF) market, they have quickly proven their worth and established themselves among the leading players. For example, the largest Bitcoin ETF, iShares Bitcoin Trust (IBIT), boasting a market capitalization of over $33.2 billion, is almost on par with the iShares iBoxx Investment Grade Corporate Bond ETF (LQD), which ranks as the 15th largest U.S.-based ETF.

Products by Fidelity and Grayscale might also be listed in the top 25.

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2024-11-08 17:52