Bitcoin ETFs Outpace Silver, Secure Second Place In U.S. Commodities
Spot bitcoin exchange-traded funds (ETFs) have swiftly claimed the second-largest position among U.S. ETF commodities, surpassing silver and trailing only gold.
The recent approval of these ETFs by the U.S. Securities and Exchange Commission has catalyzed their meteoric rise. Notably, the Grayscale Bitcoin Trust ETF (GBTC) alone commands almost $28 billion in assets under management (AUM), outpacing silver ETFs with $11 billion AUM as reported by etfdb.com. Gold remains the leader with around $95 billion AUM. This remarkable ascent underscores the increasing acceptance and popularity of bitcoin in traditional commodity-dominated ETF markets.
The positive initial response is evident with an impressive $9.6 billion in trading volume recorded within the first three days. Grayscale’s conversion of its Bitcoin trust into an ETF played a crucial role in this transformation, making it the world’s largest spot bitcoin ETF overnight. However, some analysts caution against overstating the significance, emphasizing that a substantial portion of the surge is attributed to the conversion of GBTC.
Clever Robot News Desk 22nd January 2024
