Bitcoin ETF Touches Record Of IDR 1,643 Trillion, Competes With Gold Domination

Bitcoin ETF is experiencing rapid growth. (Photo; Doc. CryptoNews)

JAKARTA - The price of Bitcoin has soared again to close to US$100,000 (Rp1.58 billion). Bitcoin has brought the Bitcoin Exchange-Trad (ETF) investment product to a new milestone. Total Bitcoin ETF-run assets in the United States now surpass 104 billion US dollars (Rp1,643 trillion).

This achievement was achieved less than 10 months since the launch of Bitcoin ETF in January 2024. Eric Balchunas, senior ETF analyst from Bloomberg, said that this increase was driven by a surge in Bitcoin prices and the high interest of investors with a total flow of US$30 billion (Rp474 trillion).

Not only that, but the Bitcoin ETF also shows its competitiveness towards gold as an investment instrument. With the gold AUM recorded at 127 billion US dollars (Rp2.01 quadrillion), the Bitcoin ETF has now reached 82 percent of the total value. If this trend continues, Bitcoin ETF is projected to surpass the gold ETF in the near future, making Bitcoin one of the world's major investment assets.

Among the main players, BlackRock's iShares Bitcoin Trust (IBIT) leads the market with an inflow of US$30 billion (Rp474 trillion), almost three times bigger than its competitor, Fidelity Bitcoin Trust (FBTC).

Trading in the Bitcoin ETF option also recorded significant activity. On the first day, transaction volume reached US$1.9 billion (Rp30 trillion) through 354,000 contracts, dominated by IBIT products. The bullish call-to-put transaction ratio of 4.4:1 indicates market optimism for rising Bitcoin prices to US$130,000 (Rp2.05 billion). Analysts estimate this positive trend will continue, especially with the supply of stablecoins worth US$9.7 billion (Rp153.26 trillion) to market.