BlackRock’s Bitcoin ETF AUM Surpasses Gold Counterparty in Just 10 Months

The spot Bitcoin ETFs have had a particularly strong year and BlackRock’s IBIT has been at the forefront for most of the inflows. This week was particularly positive for the largest BTC ETF as it broke its own record on November 7 – the day after the US election results came out – and attracted roughly $1.120 billion.

Its net inflows continued on Friday with another $206.1 million. Thus, IBIT now has more than $33 billion (as of November 8) in assets under management (AUM) just ten months after its launch.

Moreover, BlackRock’s Bitcoin ETF has now surpassed its gold counterparty (iShares Gold ETF (IAU)), which has just shy of $33 billion in AUM. Interestingly, IAU has been active for nearly two decades since it was launched on January 21, 2005.

iShares Bitcoin ETF (IBIT) has now surpassed iShares Gold ETF (IAU) in assets…

Did this in 10mos.

IAU launched in January 2005.

Absolutely wild. pic.twitter.com/dLi16A28Gc

— Nate Geraci (@NateGeraci) November 8, 2024

IBIT’s Dominance

Data from Farside shows the dominant performance of BlackRock’s Bitcoin ETF. In an average daily net inflow of $123.1 million for all the spot BTC ETFs, IBIT has been pulling the strings with $130.4 million. No other BTC ETF comes even close, as the second in line – Fidelity’s FBTC – is at $51.2 million.

IBIT has never seen more than $69.1 million in net outflows daily, while the biggest withdrawal days for many of the other ETFs were significantly higher. FBTC’s worst day saw $191.1 million taken out, Ark Invest’s ARKB is at $138.3 million, and Bitwise’s BITB is at $79.8 million. Moreover, Grayscale’s leading fund (GBTC) owns this negative record with a whopping $642.5 million.

IBIT’s AUM is roughly triple that of FBTC, and the difference compared to the rest is even more mind-boggling.

Gold vs BTC Price Edition

Both these assets have charted impressive gains since the start of the year, and we have explored this in the past. We will focus more now on the past few days, especially since Donald Trump’s election as the 47th US president, which became official on November 6.

Gold stood close to $2,760/oz but quickly dropped by over 4% to $2,640/oz. Although it has recovered some ground and closed Friday at $2,684, it is still in the red after Trump’s victory.

In contrast, BTC traded at $67,000 but exploded to $75,000 on the election day and kept climbing. It peaked once again yesterday at $77,240 (CoinGecko data). Thus, bitcoin has shot up by around 15% in just a few days, while the precious metal is in the red.