Recent data reveals that BlackRock's iShares Bitcoin Trust (IBIT) has surpassed its gold counterpart, the iShares Gold Trust (IAU), in assets. This happens amid the rise in popularity of cryptocurrencies and the impact of the political situation in the US.
The Rise of Bitcoin ETFs
BlackRock's iShares Bitcoin Trust has reached a milestone, gathering over $33 billion in assets, surpassing the iShares Gold Trust. This achievement was made possible just 10 months after the launch of IBIT, while IAU has been trading since 2005. It highlights the rapid rise of crypto ETFs in global markets.
Impact of Trump's Victory on Crypto Industry
Donald Trump's victory in the US presidential election caused a sharp surge of interest in cryptocurrencies. Analysts note that on November 6th, IBIT saw its largest trading volume ever as investors flocked to cryptocurrency assets. The situation intensified with significant inflows into the bitcoin market.
Future of Crypto ETFs in the US
Following Trump's victory, there is a particular interest in creating and listing new cryptocurrency ETFs, including those focused on altcoins. There is currently a rush of applications for approval of new ETFs with diverse crypto assets.
The growing interest in bitcoin ETFs and changes in the US political landscape may set the tone for policy direction in the cryptocurrency space, making it possible for new crypto products to emerge and gain regulatory recognition.
