Bitcoin ETFs Officially Surpass $100 Billion

Amid a bull run for the leading cryptocurrency, the Spot Bitcoin ETF has officially surpassed $100 billion in assets. The investment vehicle followed BTC’s lead as the cryptocurrency surged to an all-time high of $98,000 late Wednesday. The move marks the third consecutive day the asset has hit the landmark price this week.

Overall, the total net asset value of the 12 Bitcoin ETFs approved in January of this year has surpassed $100.55. The product’s rise has been fueled by Bitcoin’s performance over the past month. In particular, momentum from the  2024 U.S. presidential election  continues to push the asset higher.

Bitcoin ETFs Surpass $100 Billion in Assets as BTC Sets All-Time High
2024 has proven to be a pivotal year for Bitcoin, but November was undoubtedly its best month of all time. The asset has been hitting milestone prices consistently, starting with its breakout above $93,000 last week. However, the cryptocurrency rallied on Wednesday, moving closer to the $100,000 mark.

That has been a boon for cryptocurrency-based ETFs that came to market at the start of the year. Those spot Bitcoin ETFs have officially surpassed $100 billion in assets. Bloomberg analyst  Eric Balchunas  notes that inflows this year are on track to hit $30 billion. That’s double the publication’s estimate, too.

Additionally, Balchunas said, “They are now 97% of the way to surpassing Satoshi as the largest holder and 82% of the way to surpassing gold ETFs.” Like most years before, BlackRock’s iShares Bitcoin Trust (IBIT) is leading the way.

Specifically, the $10 trillion asset manager’s Bitcoin investment vehicle currently holds $45.4 billion in net assets. Grayscale’s GBTC is a distant second, with $20.6 billion in assets. Both products, however, are the two largest Bitcoin Spot ETFs on the market. According to  data from SoSoValue,  these ETFs account for nearly 5.4% of the total Bitcoin market capitalization.