Bitcoin, touching $60,000 yesterday, recalled its recent all-time high of $69,000. A performance that leaves little room to go to surpass the highs of November 2021. In the wake of this rise, the Bitcoin ETF also stands out, now representing more than half the size of the Gold ETFs.
Bitcoin ETFs get closer to Gold ETFs: New High at $63,000
On November 28, bitcoin started a significant surge starting the day at $57,000to then oscillate around 60,000 dollars, and reach a high of $63,636 at 8:20 p.m. UTC+3. Such an event did not escape the media and analysts, all attentive observers of this new upward movement, as evidenced by etfdb.com, whose data on Bitcoin ETFs were relayed by Crypto Briefing.
L’rise of Bitcoin ETFs continues to defy expectations, now exceeding half the size of gold ETFsas the price of bitcoin crosses the $63,000 mark.
Approved by the SEC seven weeks ago, BTC ETFs have generated unprecedented enthusiasm in the financial market. Data from etfdb.com reveals that Bitcoin ETF assets under management in the United States represent now 51.5% of the size of gold ETFsthus setting a new record.
With $92.1 billion invested in 19 US gold ETFs and over 746,600 BTC held by BTC ETFs, the dominance of bitcoin in the financial market is undeniable.
The meteoric rise comes after bitcoin hit a high of $63,636 today, illustrating investors’ growing confidence in the cryptocurrency as a viable and profitable asset.
Flagship crypto poised to dethrone gold, experts predict
According to Eric Balchunas of Bloomberg, bitcoin funds could outperform gold in the next two years, if the current growth trend continues.
Larry Fink, CEO of BlackRock, agrees, calling bitcoin “ digital gold “, protection against currency devaluation and inflation.
In a viral YouTube speech, ARK Invest CEO Cathie Wood also predicts that Bitcoin could overtake gold as a safe haven. It highlights the 40% rise in BTC during last year’s banking crisis, contrasting with the decline of regional banks.
Wood attributes this phenomenon to a “ flight to quality ”, where investors turn to Bitcoin in times of uncertainty. Despite a temporary decline post-introduction of BTC ETFs, she emphasizes the upward trend of the queen of cryptocurrencies compared to gold, favored by increasing accessibility and lower entry barriers.
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