Crypto Week at a Glance: The Crypto Market Cools off Before the New Year Rally
Bitcoin hit a new all-time high of $108,250 and other major coins such as Ethereum, XRP and BNB have traded near all-time highs fueled by the anticipation of a 25 basis points rate cut by the Fed. Since the time BTC hit an all-time high, the market dynamics have changed quite a bit, taking the crypto market cap down to $3.2 trillion. Despite the dip, key developments in the establishment of Bitcoin reserve, Ripple stable coin and others are keeping the market sentiment strong with buying interest emerging at the lower levels. As we move to the last week of the year, let's take a look at how the previous week changed the crypto dynamics.
Bitcoin ETFs Surpassing the Gold ETFs
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-116531182»>The launch of Bitcoin ETFs has proven to be the best thing that happened to the crypto market yet. A report from K33 Research reveals that U.S -listed bitcoin ETFs have surpassed U.S.-listed Gold ETFs in terms of assets under management (AUM), including leveraged products such as futures-based ETFs. Since its launch in January, Bitcoin ETFs have seen over $129.25 billion in AUM edging out Gold ETF AUM at $128.88 billion that have been trading for over 20 years. This number shows the resilience of Bitcoin with huge buying interest from institutional investors. While comparing spot-based products exclusively, Gold remains slightly ahead, but the gap is closing soon and Bitcoin ETFs could surpass Gold ETFs in just spot ETFs as well in the next few weeks.
On the other hand, Blackrock, the largest asset manager globally, with over $11.5 trillion
