BlackRock's IBIT Spot ETF Surges to $10B

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.

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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?

bitcoin cryptocurrency btc king — Source: Pintrest

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.

BlackRock’s iShares Bitcoin Trust has accumulated $10 BN in just seven weeks — the fastest an ETF has ever hit that milestone and a feat which the first gold ETF took more than two years to accomplish: BBG

— zerohedge (@zerohedge) March 3, 2024

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.

Record flow day despite $216m out of $GBTC. Impressive. Only one or two other ETFs on the planet are taking in cash as fast as $IBIT right now. Gonna hit $10b tmrw prob. Easily fastest ever at 7 weeks. For context it took $GLD over two years to hit 10b, VOO over 3 years. 🔥 https://t.co/EYpGTVdR2P

— Eric Balchunas (@EricBalchunas) February 29, 2024

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.

Bitcoin ETFs have seen inflows of more than $5 billion in net assets under management (AUM) since their launch, while gold ETFs have seen outflows of $3.6 billion during the same period, according to a Feb. 26 research report shared on X by senior Bloomberg analyst Eric Balchunas…

— ابو سيف (@oldenkott_antje) March 4, 2024

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