According to Decrypt, BlackRock, the world's largest asset manager, has achieved a significant milestone as its iShares Bitcoin Trust ETF (IBIT) now holds more net assets than its iShares Gold ETF (IAU). This development is noteworthy considering the Bitcoin ETF was only launched in January, while the Gold ETF has been available since 2005. BlackRock acquired the iShares brand from Barclays in 2009. As of the market close on Thursday, BlackRock's spot Bitcoin ETF has amassed $33.17 billion in value, surpassing the Gold ETF's $32.96 billion in net assets.

Bitcoin and gold are often compared as stores of value, with Bitcoin frequently dubbed "digital gold" by cryptocurrency enthusiasts. The surge in BlackRock's Bitcoin ETF was notably influenced by Donald Trump's re-election, which has positively impacted market sentiment. Following Trump's return to the White House, the Bitcoin ETF experienced its highest-ever daily trading volume of $4.1 billion, surpassing the daily volume of major stocks like Netflix, Visa, and Berkshire Hathaway during the same period. This indicates strong investor confidence that Trump's administration will support the cryptocurrency industry and ease regulatory pressures.

On Thursday, BlackRock recorded its largest-ever net inflow for the iShares spot Bitcoin ETF, amounting to $1.12 billion. Pav Hundal, lead market analyst at crypto exchange Swyftx, described the current market conditions as a "goldilocks scenario" characterized by monetary easing, political stability, and robust U.S. economic data. He noted that capital is flowing into ETFs at an unprecedented rate. Among the 11 spot Bitcoin ETFs available on Wall Street, BlackRock's is the largest, with Grayscale's ETF being the second-largest, holding $16.79 billion worth of Bitcoin, which is approximately half the size of BlackRock's ETF.