Bitcoin surpasses silver to become second largest ETF commodity in the US

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Bitcoin  BTC -3.58%

 ETFs have exceeded silver ETFs in the U.S. in terms of size, driven by the substantial market interest they have received,” Bitfinex Head of Derivatives Jag Kooner told The Block, adding that pent-up demand for bitcoin has played a crucial role in propelling the digital asset ahead of silver in AUM terms.

Silver was previously the second-leading single commodity ETF in terms of AUM in the U.S. However, spot bitcoin ETF funds, including the conversion of Grayscale’s GBTC trust, now hold approximately 647,651 bitcoin, which amounts to $27.5 billion in AUM, according to CC15Capital.

According to data from Coinglass, the Grayscale Bitcoin Trust ETF (GBTC) currently holds around 619,000 bitcoin.

That places silver in third position in terms of AUM within a single commodity ETF asset class, with approximately $11.5 billion distributed across five ETFs, according to ETF Database. In comparison, U.S. funds that hold gold have a combined AUM of $96.3 billion, across 19 ETFs.


Adoption of new technologies often fosters innovation. The Foundation’s technical collaboration with Epoch Sports and Merchadise developed new standards for verifying and reinforcing a product’s authenticity. Similarly, the Foundation and Switzerland for UNHCR collaboration has already spanned a variety of initiatives with direct impact on-chain as well as on the support given to forcibly displaced people.


Grayscale trust conversion into an ETF

“Grayscale’s conversion of its existing bitcoin trust into an ETF created the world’s largest bitcoin ETF overnight,” Kooner said.

“The level of trading reflects the pent-up demand for these products, and we expect that it will lead to increased liquidity and stability in the market,” the analyst added.

Source: The Block


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