January 21, 2024

Bitcoin ETFs Surpass Silver in ETF Market, Second Only to Gold Among Commodities

Recently introduced bitcoin exchange-traded funds (ETFs) have quickly amassed over $25 billion in assets, outpacing the $11 billion held by silver ETFs.

Silver, originating from celestial bodies billions of years ago, has a longstanding history, while bitcoin, at just 15 years old, has already achieved prominence in the U.S. ETF market.

Following approval by the U.S. Securities and Exchange Commission last week, bitcoin ETFs surpassed silver ETFs in assets, ranking second only to gold among commodity-focused U.S. ETFs.

The transformation of the Grayscale Bitcoin Trust into an ETF resulted in an immediate influx of nearly $30 billion into bitcoin ETFs, as reported by Eric Balchunas. In comparison, silver ETFs hold a combined total of approximately $11 billion, according to etfdb.com.

Gold, often likened to bitcoin as a digital counterpart, remains the most favored commodity with an estimated $95 billion in assets.

The launch of bitcoin ETFs earlier this month marked a historic milestone not only for the cryptocurrency community but also for the broader ETF landscape. These newly introduced funds experienced an impressive net inflow of almost $900 million within the initial three days of trading, surpassing the typical reception for most newly launched ETFs.

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