The iShares Bitcoin ETF (IBIT) is closing in on the iShares Gold ETF (IAU) as its assets surge during this BTC bull run. Data shows that the IBIT fund has accumulated over $30 billion in assets under management compared to IAU’s $33 billion.
Bitcoin ETF to pass Blackrock’s gold fund
Therefore, if this trend continues, the biggest Bitcoin ETF, which was launched earlier this year, will overtake the IAU as soon as this week. According to Eric Balchunas, the chief ETF analyst at Bloomberg, IBIT had an intraday volume of over $1 billion on Wednesday as Bitcoin price jumped to a record high of $75,600.
IBIT passing IAU is notable since the latter was established in 2004, meaning that it has been in business for 20 years. Bitcoin did not even exist when it was launched.
The next big task, therefore, will be the iShares Bitcoin ETF passing the SPDR Gold Shares ETF (GLD), which has over $78 billion. Like IAU, it was started in 2004, meaning that IBIT has about 38% of its total assets. Therefore, IBIT will take much longer to overtake the GLD because of its substantial size.
Other spot Bitcoin ETFs are doing well. According to SoSoValue, the Grayscale Bitcoin Trust (GBTC) has $15.20 billion. Similarly, ETFs by Fidelity, Ark Invest, Bitwise, and Valkyrie have over $700 million in assets. Altogether, Bitcoin ETFs have $70 billion in assets.
Read more: Bitcoin Price Prediction as Trump’s Polymarket Odds Slip
Catalysts for IBIT ETF stock
There are a few catalysts that will push IBIT ETF’s assets higher in the long term. First, the fund has encouraging fundamentals now that Donald Trump has won the general election. This move will usher in a new era of crypto regulations, which will make the crypto industry more vibrant.
Second, there is a chance that institutional investors who have learned from MicroStrategy’s Michael Saylor will start to embrace the coin. The company owns coins worth over $18 billion but has a market cap of $50 billion. Notably, most of these coins have been acquired using borrowed cash.
Third, Bitcoin has strong technicals. It recently formed a golden cross pattern, pointing to more gains ahead. Also, it has formed an inverse head and shoulders pattern, which is one of the most bullish patterns in the market.
As shown above, the oscillators have all pointed upward, meaning that it is gaining strength. Also, most analysts expect that Bitcoin will soar to $100,000 before Trump’s inauguration, a move that will attract more assets to the IBIT ETF.
Read more: 3 Donald Trump Policies to Push Bitcoin Price Higher
