The spot Bitcoin exchange-traded funds (ETFs) launched in the United States earlier this year have seen their total assets cross the $90 billion mark after seeing a $6 billion ump in a single day, and are now over three-thirds of the way of surpassing gold ETFs in assets.
That’s according to senior Bloomberg ETF analyst Eric Balchunas, who on the microblogging platform X (formerly known as Twitter) pointed out that spot Bitcoin ETFs’ $6 billion jump in a day came with $1 billion of inflows, and $5 billion of market appreciation amid a significant BTC price rise.
Bitcoin’s price has notably surged more than 18% over the past week to now trade around the $88,000 mark, with its market capitalization having surged to $1.74 trillion as a result. As CryptoGlobe reported, earlier this month spot Bitcoin ETFs saw over $1.38 billion inflows in a single day.
According to data from Farside Investors, yesterday BlackRock’s iShares Bitcoin Trust (IBIT) saw $778.3 million of inflows, while the Fidelity Wise Origin Bitcoin (FBTC) fund saw $37.2 million. Bitwise’s BITB remained unchanged, however, while Ark21Shares’ ARKB saw $5.4 million of outflows.
Notably, cryptocurrency investment products have also been seeing significant inflows, bringing in $1.98 billion in the week after Republican candidate Donald Trump won the US presidential elections.
According to CoinShares latest Digital Asset Fund Flows report, the inflows couple with the cryptocurrency market rally have pushed the total assets under management of crypto investment products to a $116 billion high.
The report details that Bitcoin-focused investment products saw $1.79 billion inflows over the past week, while Ethereum-focused products saw $157 million inflows.
Featured image via Unsplash.
