The combined net asset value of 12 US spot Bitcoin ETFs has reached $104 billion. This is almost 5.4% of the entire market capitalization of the flagship cryptocurrency.

If that figure continues to rise, Bitcoin funds could surpass the net asset value of gold ETFs, which were valued at $120 billion as of November 21.

The Bitcoin ETF is now 97% closer to surpassing Satoshi Nakamoto as the largest holder and 82% closer to surpassing the gold ETF , said Eric Balchunas, a stock analyst at Bloomberg Intelligence.

Comparison of Spot BTC ETFs and Gold ETFs
According to Bloomberg, BlackRock's iShares Bitcoin Trust (IBIT) has led the way in terms of net inflows since January 2024, with more than $30 billion. The second most popular bitcoin fund is the Fidelity Wise Origin Bitcoin Fund (FBTC), with investors pouring more than $11 billion into the ETF since its launch.

As data from investment giant BlackRock shows, IBIT now holds more assets than the same asset manager's gold ETF, despite the fact that the bitcoin fund was only launched in January 2024.