Bitcoin ETFs Surpass Silver ETFs in the US
Bitcoin ETFs have quickly outperformed silver ETFs in terms of assets under management (AUM) in the US. Bitfinex Head of Derivatives Jag Kooner stated that the substantial market interest and pent-up demand for bitcoin have propelled it ahead of silver in terms of AUM.
Silver Falls to Third Place
Silver was previously the second-leading single commodity ETF in terms of AUM in the US. However, with the conversion of Grayscale’s GBTC trust, bitcoin ETF funds now hold approximately 647,651 bitcoin, amounting to $27.5 billion in AUM. This places silver in third position with around $11.5 billion distributed across five ETFs.
Grayscale Trust Conversion Boosts Bitcoin ETF
The conversion of Grayscale’s existing bitcoin trust into an ETF has created the world’s largest bitcoin ETF overnight. This move has generated significant trading activity and is expected to increase liquidity and stability in the market.
Strong Trading Volume and Future Growth
Within just five days of trading, the cumulative volume for the 11 new bitcoin ETFs exceeded $12 billion. Kooner anticipates that this strong interest will continue due to competitive fee structures and the potential for more innovative crypto ETFs and new underlying assets like ether.
Hot Take: Bitcoin ETFs Overtake Silver ETFs in the US
Bitcoin ETFs have surpassed silver ETFs in terms of assets under management (AUM) in the US, driven by significant market interest and pent-up demand for bitcoin. This shift highlights the growing acceptance and adoption of cryptocurrencies as investment vehicles. As bitcoin continues to gain traction, it is likely to pave the way for more innovative crypto ETFs and the inclusion of other digital assets like ether. The success of bitcoin ETFs also signals increasing liquidity and stability in the cryptocurrency market, attracting more investors and driving further growth in the industry.
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