US exchange-traded funds investing directly in Bitcoin surpassed $100 billion in total assets as the original cryptocurrency extended a record-breaking rally.
The group of 12 Bitcoin ETFs from issuers including BlackRock Inc. and Fidelity Investments swept to the milestone 10 months after a January debut, ranking them among the most successful fund category launches ever.
They recorded a $773 million net inflow on Wednesday as Bitcoin reached record highs, according to data compiled by Bloomberg. The original digital asset continued to push on toward the $100,000 mark on Thursday.
Bitcoin’s rise is fueled by optimism surrounding President-elect Donald Trump’s plans to foster the growth of the crypto industry in the US. Trump’s transition team has begun discussions over whether to create a White House post dedicated to digital-asset policy. The industry is pitching for the position — which would be the first of its kind in the US — to have a direct line to the president-elect, who is now one of crypto’s biggest cheerleaders.
This price rally is being fed by the frequent pro-crypto news linked to the incoming Trump administration, Caroline Bowler, chief executive officer of BTC Markets Pty said.
