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BlackRock is still well-positioned to benefit from the expected shift.
Spot Bitcoin ETFs, launched just six weeks ago, have already amassed over $8 billion more than their gold counterparts, and Bloomberg ETF analysts predict they could surpass gold ETFs in assets under management within two years.
According to a recent screenshot of a report comparing Gold and Bitcoin, shared by Balchunas, Bitcoin ETFs have reportedly taken in about $5 billion in net new assets since their launch in early January. In contrast, gold ETFs have seen $3.6 billion in outflows.
Gold's Pain is Bitcoin ETFs' Gain in Store of Value Smackdown.. new from me on how gold being in the gutter is like the cherry on top for bitcoin fans who just got to witness the biggest ETF launch ever. Decent chance bitcoin ETFs pass gold ETFs in aum in less than 2yrs w… pic.twitter.com/rXJra1dyhF
— Eric Balchunas (@EricBalchunas) February 26, 2024
The analysts suggest that the success of Bitcoin ETFs has added competition for gold. As noted by Balchunas, BlackRock, a major player in the ETF market with its gold ETF, iShares Gold Trust, stands to lose some revenue. However, he believes that BlackRock still benefits from the growing popularity of ETFs.
That said, BlackRock probably not as amused by this as everyone else since they have $IAU and make 25bps on $25b in aum = big revenue generator for them. Altho net net they still winning big here and will over time.
— Eric Balchunas (@EricBalchunas) February 26, 2024
Earlier this month, data from BitMEX and Balchunas revealed that BlackRock saw around $423 million fleeing out of its gold ETF, iShares Gold Trust, while its newborn Bitcoin ETF surged with massive inflows.
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