US Bitcoin ETFs are reportedly on track to surpass gold ETFs in terms of overall size by this coming holiday season (around end of December 2024), with current assets valued at approximately $107 billion.
Notably, BlackRock’s iShares Bitcoin Trust is the dominant player this past week, accounting for nearly three-fourths or 73% of total inflows into Bitcoin ETFs (exchange traded funds).
It’s now expected by crypto and financial industry analysts that US Bitcoin ETFs could start to compete aggressively with gold ETFs in terms of size should they retain their present rate of accumulation.
Bloomberg ETF analyst Eric Balchunas indicated that these funds might surpass gold ETFs by end-of-year.
Notably, Bitcoin ETFs in the US managed to reach $107 billion in assets (accurate as of Nov 23, 2024) which reportedly accounts for over 85% of the overall net assets of gold ETFs (as per available data shared by Balchunas and HODL15Capital).
Balchunas pointed out that they are still behind gold ETFs by $23 billion, so there’s a fair chance of them surpassing this figure by Christmas.
It’s also worthwhile to note Bitcoin ETFs are narrowing the gap with pseudonymous Bitcoin creator Satoshi Nakamoto’s holdings.
These funds are said to maintain around 98% of Satoshi’s Bitcoin holdings with a great probability of surpassing the digital currency creator to become the largest Bitcoin holder.
US spot Bitcoin ETFs attracted appr. $3.3 billion in total inflows just this past week. And as expected, BlackRock’s iShares Bitcoin Trust (IBIT) was able to claim over 60% of this figure, according to available data.
IBIT is now increasing the gap with BlackRock’s iShares Gold Trust (IAU) in terms of total assets.
IBIT reportedly maintained $48 billion in Bitcoin (as of November 22, 2024) and IAU’s assets had been recently valued at roughly $34 billion.
Bitcoin again set an all-time high of about $99,500 this past week on Friday, getting very close to the $100K mark. But there is a lot of resistance at this level but once BTC crosses this psychological barrier, we can expect markets to continue surging well into 2025. Many analysts believe we could see the market top around May 2025 but, of course, no projection is certain.
And according to various other digital assets industry analysts, the Bitcoin and crypto bull market is in its initial stages.
As reported earlier, industry analysts believe that the Bitcoin bulls are clearly in charge. Bitcoin (BTC), the world’s most popular crypto, has rocketed by more than 30% since the election of former President Donald Trump, a digital asset advocate. As Republicans control both the House and Senate—along with the Executive branch —anticipation of legislation providing crypto clarity is expected in early 2025.
While Bitcoin has always lent itself to predictions of future value, sometimes outlandish expectations, Jean Van Eck, CEO of his namesake firm, joined CNBC recently to add his hat in the ring of expectations for Bitcoin in the coming years.
Jan Van Eck expects Bitcoin to top a whopping $400,000 by 2030. He goes even further, predicting $3 million by 2050.
It’s also worth noting that more than $495,100,000 have been liquidated from the cryptocurrency markets within the past 24 hours (at the time of writing).
This is reportedly the single largest Bitcoin liquidation event in the crypto’s 15-year history, and comes only days after Jim Cramer suggested to investors that they buy and referred to BTC as a winner.
It, however, makes sense that some level of pullback and profit taking had been due but the market appears to going short Jim Cramer’s view.