Beating Gold? Bitcoin Spot ETF, IBIT, Hits $1 Billion in First Hour Despite Sharp Dip

BlackRock's bitcoin spot ETF, IBIT, surpassed $1 billion in trading volume within an hour of the market opening on Friday (local time). BTC hit a new all-time high against the dollar around midnight ET on the 6th, but was quickly followed by a short-term pullback and is currently trading around $67,100.

Meanwhile, Bloomberg analyst Eric Balchunas wrote in his X that "bitcoin spot ETFs could overtake gold ETFs in assets under management this summer if their growth continues at the current pace. "Ten bitcoin spot ETFs have surpassed $50 billion in assets under management. Seven weeks ago, the record was under $30 billion. Of the total AUM, about $8 billion was generated by flows and the rest by bitcoin's appreciation. If bitcoin spot ETFs continue to grow at this rate and add $10 billion per month in AUM (which is very challenging but not impossible if the BTC price meets the requirements), they will overtake gold ETFs this summer.