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United States-based Bitcoin (BTC) spot exchange-traded fund (ETF) net assets under management broke $100 billion for the first time.
The ETFs in question hit about $104 billion of net assets under management considering the overnight rally, according to an X post by Bloomberg ETF analyst Eric Balchaunas. He further highlighted that the product is now competing with gold ETFs and Bitcoin’s creator Satoshi Nakamoto:
“[The U.S. Bitcoin spot ETFs are] now 97% of [the] way to passing Satoshi as [the] biggest [Bitcoin] holder and 82% of [the] way to passing gold ETFs.”
Market data
Bitcoin spot ETF capital flow data from Fairside Investors shows that over one billion was directed to the products just on Nov. 21. The only Bitcoin ETF product to see a negative netflow on that day was Grayscal Bitcoin Trust (GBTC), which has lost $7.8 million worth of assets under management.
Grayscale had a massive head start on the Bitcoin ETF market but has seen its first-mover advantage evaporate. When it converted its close-ended fund to an ETF, the company imposed a 1.5% fee on GBTC holders, while the market standard is seemingly around 0.2%.
With Bitcoin rallying more than ever and recently almost hitting $100,000 for the first time, Bitcoin ETFs have been attracting investors in droves. The whole cryptocurrency market has been rallying ever since United States Republican presidential candidate Donald Trump won the elections.
CoinMarketCap’s global charts page shows that the total market cap of all cryptocurrencies reached a new record high of nearly $3.3 trillion. Bitcoin is responsible for over $1.95 trillion of that capital, with most investors flocking to it over its more volatile younger brothers.
Some institutions have looked for alternatives to ETFs to gain exposure to Bitcoin, with major Wall Street companies accumulating MicroStrategy shares to gain leveraged exposure to the world’s first cryptocurrency. MicroStrategy is a publicly traded business intelligence company that pivoted to acquiring as much Bitcoin as possible and now holds 331,200 BTC worth $30.34 billion.
