Bitcoin ETFs Steal the Show from Gold: An Analyst Explains Investors’ Change of Course
Journalist
- Bitcoin ETF cumulative inflows reach $21 billion, with BTC about $2,500 shy of $70,000
- IBIT emerges as the market leader
Bitcoin’s [BTC] recent price performance has been extraordinary. The cryptocurrency has consistently made headlines by surpassing significant price levels and achieving milestones in exchange-traded fund (ETF) inflows.
This week, BTC surpassed the crucial $68,000 threshold, moving closer to the coveted $70,000 valuation.
However, as of now, the price has retreated to $67,442. This indicates a 2.25% decrease in just one day; however monthly performance remains robust with a gain of 6.86%.
The leading cryptocurrency is currently approximately 3.65% away from hitting the elusive $70K mark. Given the unprecedented inflows into Bitcoin ETFs recently recorded, reaching this target seems plausible.
BlackRock’s IBIT dominates Bitcoin ETFs
A noteworthy detail is that BlackRock’s iShares Bitcoin Trust (IBIT) played a significant role in these developments.
The trust saw substantial inflows on October 21 despite market fluctuations and outperformed other spot Bitcoin ETFs with an impressive total net inflow of $23 billion.formaTTING NOT WORKING HIERE>>
Additionally it outperformed Vanguard VTI and came third for year-to-date flows.
&yntx_markup-459484: Source: Eric Balchunas /X BlackRock’s IB.customs_AXI_DOMINATOR_as_received_26B_customs-ANTHESIS_mans_idenity.z.:)
raised intended questions regarding whether Bitcoin ETFs are pulling investors from traditional safe-haven assets.
In his statement on competition between Bitcoin
Gold commented:“Bitcoin together with new launched ETFS may have acquired attention previously devoted solely upon gold.”
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