Financial statements from ETF managing firms and financial news reports

BlackRock's Bitcoin ETF Surpasses Gold Fund Amid $1B Trading Surge

Nov 11, 2024, 11:22 AM

BlackRock's Bitcoin ETF (IBIT) has experienced unprecedented trading volumes and inflows in the past week, surpassing even BlackRock's gold fund, IAU, in assets held. From November 4 to November 8, Bitcoin spot ETFs recorded net inflows of $1.63 billion, with BlackRock's IBIT accounting for $1.25 billion and Fidelity's Bitcoin ETF (FBTC) attracting $295 million. On November 11, IBIT registered $1 billion in trading volume within the first 35 minutes of trading and reached a record $4.1 billion in volume on Wednesday. By 12:20 PM, IBIT's trading volume was near $2.5 billion, while FBTC's volume approached $600 million. This surge has propelled the total assets under management (AUM) of Bitcoin ETFs in the U.S. to over $82 billion, with U.S. Bitcoin ETFs collectively holding a record 1,027,797 Bitcoin. BlackRock's clients now own 446,000 Bitcoin. The inflows come amid a significant rally in Bitcoin's price, which surged over $6,460 during the weekend. Overall, digital asset inflows have reached $1.98 billion post-U.S. election, driving global AUM in digital assets to a record $116 billion.