yolowire.com - Spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) are on the verge of surpassing gold ETFs in terms of assets held.
The amount of capital allocated to spot Bitcoin ETFs continues to surge amid increased institutional adoption.
This has put spot Bitcoin ETFs, which track the price movements of the largest Cryptocurrency, on the verge of surpassing gold ETFs, according to market data.
A report from K33 Research shows that U.S.-listed Bitcoin ETFs have surpassed U.S.-listed gold ETFs in terms of assets under management (AUM).
As of Dec. 17, Bitcoin ETFs had AUM of $129.25 billion U.S., edging past gold ETF AUM at $128.88 billion U.S.
However, when comparing spot-based products exclusively, gold remains slightly ahead.
According to Bloomberg News, Bitcoin ETFs hold $120 billion U.S. in AUM compared to $125 billion U.S. for gold ETFs.
Bitcoin’s gain on gold comes amid growing momentum for cryptocurrencies. Spot Bitcoin ETFs have seen net inflows every day since Nov. 27, totaling $6.5 billion U.S.
The price of Bitcoin and other cryptocurrencies have risen sharply since the election of Donald Trump to the U.S. presidency on Nov. 5.
Bitcoin is currently trading at $102,000 U.S., having gained 130% this year.
At the same time, the price of gold has traded sideways in recent weeks and is currently at $2,610 U.S. per ounce. Gold’s price has risen nearly 30% on the year.