U.S. Spot Bitcoin ETFs Near Gold ETFs in Assets Under Management
The year 2024 has been pivotal for digital assets, especially bitcoin (BTC), thanks to a surge in institutional adoption. This shift has been fueled by two primary factors: the inclusion of bitcoin on public balance sheets as a treasury asset and the rise of U.S.-listed spot exchange-traded funds (ETFs), which have accumulated over 1 million BTC.
A recent report by K33 Research indicates that U.S.-listed bitcoin ETFs have now surpassed U.S.-listed gold ETFs in assets under management (AUM), including leveraged products like futures-based ETFs. As of December 17, bitcoin ETFs reached an AUM of $129.25 billion, outpacing gold ETFs, which stood at $128.88 billion, according to K33 Research analyst Vetle Lunde.
However, when only considering spot-based products, gold still holds a slight edge. Bloomberg’s Senior ETF Analyst Eric Balchunas reports that U.S. bitcoin spot ETFs have an AUM of $120 billion, compared to $125 billion for gold ETFs.
Strong Activity on the CME
Institutional activity on the CME exchange remains robust, with futures open interest nearing new highs, currently sitting at 212,635 BTC in open interest contracts. According to the report, the basis trade premium has been rising, reaching 16.4%—the highest level since November 2023. This suggests that CME traders are anticipating continued momentum as the year ends.
The report further highlights that January contracts are trading at sharp premiums over December contracts, with the contango widening to 1.5%, marking the highest next-month premium since November. The December contract on CME remains the most valuable, with open interest equivalent to 113,480 BTC. The upcoming December roll is expected to be significant, with several banking holidays likely contributing to the widening of the January premium.
In the past month, U.S. spot-listed bitcoin ETFs have seen daily net inflows since November 27, totaling $6.5 billion, according to Farside data. As the basis trade premium continues to expand, and with increasing open interest contracts on the CME, a substantial portion of these net inflows is linked to the cash and carry trade strategy.
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