Blackrock’s Bitcoin Spot ETF Reaches $10 Billion in 39 Days, 18x Faster Than Gold ETF
Bitcoin spot ETF trading volume has reached a new milestone compared to the yellow metal ETF. Veteran Bitcoin traders have predicted the potential for a massive rise in Bitcoin trading prices soon.
We understand that in January of this year, the U.S. Securities and Exchange Commission (SEC) approved a total of 11 Bitcoin spot ETF applications. Before these applications were approved, no one could have predicted that money would flow into the Bitcoin market so quickly and so quickly, but the current situation shows that Bitcoin is at a level beyond the imagination of top financial analysts.
In just 39 days, from January 10 to March 1, BlackRock’s Bitcoin ETF reached $10 billion in AUM. It took SPDR Gold Shares (GLD), America’s first gold ETF, more than 24 months to reach its $10 billion goal.
Inflows into the nine currently active Bitcoin spot ETF products are also impressive, exceeding $500 billion for the nine new ETFs on February 26, 27, and 28.
In particular, Bitcoin spot ETF products have had a significant impact on the gold ETF market. In the last 30 days, the BTC ETF has amassed 50% of the value of the Gold ETF. Simply put, Bitcoin is eating up Gold ETFs.
Due to the better performance of the Bitcoin spot ETF market, most of the mainstream media coverage covers news about Bitcoin ETFs instead of gold.
Peter Schiff, a popular gold advocate and global economist, has targeted the CNBC media, calling for equal coverage of reports on all types of major financial assets.
Just a day ago, the price of the Gold ETF GLD surged nearly $43 to an all-time high. Schiff said CNBC has not commented on the Gold ETF price rise, but has covered the Bitcoin ETF several times.
Also read: Hong Kong regulator warns about “fake cryptocurrency exchange” HSKEX