Spot Bitcoin ETFs reach $37B in AUM, roughly one-third of gold ETF assets


US-based spot Bitcoin ETFs have accumulated close to $37 billion in assets under management (AUM) within the first 25 days of trading, according to market data.

Incidentally, the total AUM of Bitcoin ETFs is a sizeable fraction of the overall AUM of gold ETFs, according to data shared by Bitcoin Archive.

Bitcoin ETF and gold ETF assets – Source: Bitcoin Archive

The $37 billion AUM of spot Bitcoin ETFs is equal to 39.8% of the $93 billion AUM of gold ETFs and 28.5% of both classes’ combined $130 billion AUM.

Bitcoin ETFs could outpace gold ETFs

Bloomberg ETF analyst Eric Balchunas commented on the 25-day growth of the ETFs, stating:

“There’s been $4b-ish in net net flows + rally = on pace to pass gold much sooner than I estimated.”

However, he noted that the Grayscale Bitcoin Trust (GBTC) contained substantial assets before it was converted to an ETF, meaning that the numbers are “not quite as impressive” as they might seem.

Indeed, much of the spot Bitcoin ETF AUM is accounted for by GBTC, followed by BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Bitcoin Trust (FBTC).

Spot Bitcoin ETF AUM – Source: Coinglass

Balchunas said that a rally in the flagship crypto’s price to new all-time highs could lead these ETFs to overtake gold-based products very quickly. However, he admitted that this outcome is dependent on Bitcoin’s price as a “huge variable,” and a downward trend in price would mean it would take “much longer.”

Spot Bitcoin ETFs are currently outperforming gold ETFs by other metrics.

CryptoSlate analysis shows that gold ETF outflows have seen $3 billion in outflows year-to-date, whereas spot Bitcoin ETFs have seen $4.1 billion in inflows since launch.

It is unclear whether those trends will have a lasting effect on AUM.

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