BlackRock's Bitcoin ETF surpasses gold fund in net assets reaching $33.2 billion

BlackRock's Bitcoin exchange-traded fund (ETF), IBIT, has surpassed its gold fund in net assets, reaching nearly $33.2 billion as of November 7, 2024. This marks a significant achievement for the Bitcoin ETF, which launched in January 2024. In comparison, BlackRock's gold fund, IAU, has about $32.9 billion in net assets and has been trading since 2005. The rapid growth of IBIT is highlighted by a recent influx of $1.12 billion, reversing previous outflows. IBIT leads the U.S. Bitcoin ETF market, followed by Grayscale's GBTC and Fidelity's fund. Bitcoin's price has also risen, exceeding $76,500, reflecting a positive trend in the cryptocurrency market.