As a seasoned crypto investor with a decade-long journey under my belt, I find myself increasingly intrigued by these recent developments. The rapid growth of Bitcoin ETFs and their closing gap with gold ETFs is a testament to the evolving landscape of finance.
Based on information from prominent ETF expert Eric Balchunas, the combined worth of Bitcoin-related exchange-traded funds has exceeded a staggering $90 billion.
These products are now just 28% away from surpassing gold ETFs in total assets.
On Monday, there was a $1 billion increase in investments for Bitcoin ETFs, and these ETFs saw an additional $5 billion in value growth, as per Balchunas’ report.
On November 12th, SoSoValue data indicates that exchange-traded funds focused on spots drew approximately $1.1 billion in investments. Predictably, BlackRock’s IBIT led the way with an impressive $756 million in inflows. Following closely behind was Fidelity’s FBTC with $135 million.
On Tuesday, BlackRock’s IBIT achieved a trading volume of over $1 billion within a mere 25 minutes. Notably, it is currently experiencing higher trading activity than established ETFs such as the Invesco QQQ ETF (equivalent to QQQ) and SPDR S&P 500 ETF Trust (comparable to SPY).
From my perspective as a researcher, I’ve come across an intriguing forecast by Bloomberg analysts. They predict that Bitcoin ETFs could potentially surpass gold ETFs threefold in total assets. This projection is grounded on the idea that many investors find gold somewhat mundane, while Bitcoin presents itself as a more alluring investment prospect.
Meanwhile, Adam Back, Blockstream CEO, has predicted that the value of Bitcoin might outshine gold in terms of market capitalization during this ongoing bull run. Presently, gold and Bitcoin have a market cap of around $17.5 trillion and $1.7 trillion respectively. This forecast suggests that the price of Bitcoin could theoretically soar to approximately $850,000.
At the moment, the most prominent digital currency is being exchanged at approximately $87,059, following a slight decrease in value from previous highs.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- EUR CAD PREDICTION
- APU PREDICTION. APU cryptocurrency
- Black Ops 6 Zombies Actors Quit Over Lack Of AI Protection, It’s Claimed
- PlayStation and Capcom Checked Another Big Item Off Players’ Wish Lists
- XDC PREDICTION. XDC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- POL PREDICTION. POL cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
2024-11-12 20:10