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Bitcoin ETFs’ Impact on the Industry
Bitcoin has made a remarkable impact on the ETF industry in 2024, with Bitcoin ETFs attracting over $12 billion in combined net inflows. The standout leader in this surge is BlackRock’s iShares Bitcoin ETF (IBIT), which has garnered an impressive $15 billion in net inflows, positioning itself at the forefront of this success story.
IBIT’s Impressive Streak
IBIT recently achieved a noteworthy milestone by completing an impressive streak of 71 consecutive days of inflows. This accomplishment firmly establishes IBIT as one of the top 10 US ETFs in terms of successive inflows. To fully comprehend the significance of IBIT’s achievement, it is essential to compare it with the SPDR Gold ETF (GLD), especially considering Bitcoin’s reputation as “digital gold.”
Comparing IBIT and GLD
According to Coinglass data, on April 24, IBIT’s trading volume reached $1.19 billion, surpassing GLD’s volume of $1.16 billion. This is particularly remarkable considering that GLD is more than three times the size of IBIT in terms of market capitalization.
A striking comparison comes from Nate Geraci, the President of ETF Store, who shared a chart created by Zerohedge. The chart illustrates that the SPDR Gold ETF (GLD) took 808 days since its inception to reach the same assets under management (AUM) that IBIT achieved in just 72 days. This impressive statistic underscores the swift expansion and increasing recognition of Bitcoin as a viable investment option in the financial landscape.
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