$BTC

Bitcoin ETFs Surpass Gold ETFs in US for First Time

On December 16th, US Bitcoin (BTC) exchange-traded funds (ETFs) surpassed gold ETFs in terms of net assets for the first time, according to data from K33 Research. US BTC ETFs reached $129 billion in assets under management (AUM), surpassing US gold ETFs which held an amount just shy of that figure.

K33 Research is a digital asset research firm based in Norway. Bloomberg ETF analyst Eric Balchunas stated that the AUM figure includes spot BTC ETFs as well as ETFs that track Bitcoin’s performance using financial derivatives, such as futures. Balchunas added that it is “unreal” that Bitcoin funds are even competing with gold in this way after just 11 months.

Bitcoin ETF dominance has increased since spot BTC ETFs launched in January following a lengthy review process with the US Securities and Exchange Commission (SEC). US spot BTC ETFs broke $100 billion in net assets for the first time in November. BlackRock’s iShares Bitcoin Trust (IBIT) leads the pack among BTC ETFs, with nearly $60 billion in AUM.