• Bitcoin ETFs Officially Surpass $100 Billion in Assets
• The 12 approved Spot Bitcoin ETFs collectively surpassed $100 billion in assets amid BTC’s surge to a $98,000 all-time high
• BlackRock’s iShares Bitcoin Trust (IBIT) is leading the way with $45.4 billion in net assets, followed by Grayscale’s GBTC with $20.6 billion
Bitcoin exchange-traded funds (ETFs) have seen tremendous growth in 2022, surpassing major milestones amid Bitcoin‘s record-breaking rally.
Bitcoin ETF Assets Surpass $100 Billion
Amid the ongoing rise of the leading cryptocurrency, Spot Bitcoin ETFs have officially surpassed $100 billion in assets. Indeed, the investment vehicle followed Bitcoin’s lead as the crypto skyrocketed to a $98,000 all-time high late Wednesday. The move marked the third consecutive day the asset reached a landmark price this week.
Altogether, the total net asset value of the 12 Bitcoin ETFs approved in January of this year surpassed a mark of $100.55 billion. The products’ surge has been driven by Bitcoin’s performance over the last month. Specifically, momentum from the 2024 US presidential election continues to push the asset higher.
Bitcoin Reaches New All-Time Highs in November
2022 has proven to be a monumental year for Bitcoin, but November is undoubtedly its greatest month of all time. The asset has reached continual landmark prices starting with its $93,000 breakthrough last week. Yet the crypto upped the ante Wednesday, edging closer to the $100,000 mark.
That has benefitted the crypto-based ETFs that came to the market at the start of the year. Indeed, those spot Bitcoin ETFs have officially surpassed $100 billion in assets. Bloomberg analyst Eric Balchunas notes that year-to-date flows are on pace for $30 billion. Moreover, that figure is double the publication’s estimate.
Bitcoin ETFs Lead the Market
Additionally, Balchunas said, “They’re now 97% of the way to passing Satoshi as the biggest holder and 82% of the way to passing gold ETFs.” As has been the case for most of the year, BlackRock’s iShares Bitcoin Trust (IBIT) is leading the way.
Specifically, the $10 trillion asset manager’s Bitcoin investment vehicle now holes $45.4 billion in net assets. A rather distant second is Grayscale’s GBTC holding $20.6 billion. Yet both of the products stand as the two largest Spot Bitcoin ETFs on the market. According to SoSoValue data, these ETFs represent nearly 54% of all Bitcoin market capitalization.
