The Bitcoin ETF holds over 1.13 million BTC and manages $121.83 billion in assets. Compared to the AUM of all US-traded gold ETFs, Bitcoin ETFs account for 88% of the AUM. Analysts at Bitfinex predict BTC appreciation to reach $200,000 by mid-2025 as the cryptocurrency ends 2024 with a historic milestone. Binance derivatives traders maintain a bullish bias as BTC gains dominance.
Bitcoin (BTC) is steady above $106,000 on Tuesday as BTC’s dominance increases. The largest cryptocurrency has seen steady inflows from institutional investors into its U.S. spot ETFs.
The Bitcoin Spot ETF recorded $2.167 billion in inflows last week, according to data from Far Side Investors. The assets under management (AUM) of the 12 Bitcoin spot ETFs represent 88% of the AUM of gold ETFs trading in the US as of Tuesday.
Bitcoin vs. Gold: Institutions focus on “digital gold”
Institutional investors injected more than $2.167 billion into U.S. Bitcoin spot ETFs last week between Dec. 9 and Dec. 13, according to Pharcyde Investors. According to Bitbo, 12 Spot Bitcoin ETFs currently hold 1.135 million BTC tokens worth $121.83 billion.
Twelve spot Bitcoin ETFs hold more than 5% of Bitcoin's 21 million token supply.
According to ETF.com, gold ETFs traded in the U.S. market have more than $138 billion in assets under management. Bitcoin ETFs are up 88% compared to gold ETFs, accelerating BTC’s “digital gold” story.
Bitcoin traders are bullish on BTC as the token trades above $106,000
Bitcoin daily price chart shows that BTC remains stable above the support zone between $102,650 and $103,333. Derivatives traders maintain a bullish bias against Bitcoin, according to data from Coinglass. Binance's long/short ratio is above 1, indicating that long positions are more frequent than short positions on the derivatives exchange.
Bitcoin hit a new all-time high of $108,353 on Tuesday. A key technical indicator, the Moving Average Convergence Divergence (MACD), supports the hypothesis that BTC price will rise further. The green histogram bar above the neutral line represents the underlying positive momentum in the Bitcoin price trend.
BTC/USDT daily price chart
If there is a correction in BTC, Bitcoin could find support at the psychologically important $100,000 level.
