US Spot Bitcoin ETF Assets Surpass $100B as BTC Reaches All-Time High

On November 21, Bitcoin (BTC) exchange-traded funds (ETFs) hit a significant milestone, surpassing $100 billion in net assets for the first time, as BTC reached an all-time high above $98,000. 

According to on-chain data, the total assets under management (AUM) of BTC ETFs now stand at approximately $106 billion. They are on track to exceed gold ETFs, which currently manage roughly $120 billion as of the same date.

BTC Dominates the ETF Space

Since the launch of spot BTC ETFs in January, Bitcoin has taken a dominant position in the ETF space, with investor enthusiasm growing after President-elect Donald Trump’s election victory, which was seen as favorable for the crypto market.

Eric Balchunas, an ETF analyst, noted in a post on X that BTC ETFs are now close to surpassing Satoshi as the largest holder, with 97% of the way there, and have reached 82% of the progress needed to surpass gold ETFs.

Among the popular BTC ETFs, Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranks second, having attracted over $11 billion in inflows this year. However, BlackRock’s iShares Bitcoin Trust (IBIT) leads the market, pulling in $30 billion in net inflows since January.

IBIT experienced its highest trading volume on November 6, as crypto interest spiked following Trump’s electoral win. On November 7, the fund saw a substantial $1.1 billion in inflows, recovering from two consecutive days of outflows totaling $113.3 million. 

Since its launch in January, IBIT has amassed more assets than BlackRock’s gold ETF.

The ETF’s performance also extended to the options market, where more investors were betting on its price increasing (call options) than decreasing (put options). The fund’s options launched on November 20 with a strong $1.9 billion in trading volume on the first day.

Trump Considers First White House Crypto Role

The recent surge in Bitcoin’s market activity coincided with Trump’s consideration of creating a new White House position focused on cryptocurrency policy. Trump’s team is consulting with industry leaders to determine if the role is necessary and is reportedly vetting potential candidates, including at his Mar-a-Lago estate. 

Bloomberg noted that this would be the first-ever White House post dedicated specifically to cryptocurrency, underscoring the growing importance of the crypto industry under Trump’s administration.