BlackRock’s Bitcoin ETF Attracts $6.96 Billion in Inflows in 2023
The price of gold has risen 29% this year, significantly outpacing the 3.8% gain in bitcoin. Despite this, investor interest in bitcoin remains strong.
Key points:
- BlackRock's spot bitcoin ETF (IBIT) has attracted $6.96 billion in inflows this year, ranking as the sixth-largest among all ETFs.
- SPDR Gold Trust (GLD) now ranks seventh with net inflows of $6.5 billion.
- IBIT's performance reflects institutional confidence in bitcoin's long-term potential, despite its current price being over 10% below January's record high.
- Gold's price increase is influenced by international trade issues, inflation concerns, and geopolitical tensions.
- Analyst Eric Balchunas predicts that BTC ETFs could exceed gold's assets under management in 3-5 years.
