Silver

Bitcoin

Grayscale Bitcoin Trust

<p>The post <a href="https://coinpedia.org/news/bitcoin-etfs-outshines-silver-etfs-in-aum-after-just-one-week-of-trading/" rel="noopener noreferrer nofollow">Bitcoin ETFs Outshines Silver ETFs in AUM After Just One Week of Trading</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Within a week of being approved by the SEC, Bitcoin ETFs have outperformed silver ETFs in the U.S. in terms of assets under management (AUM). This milestone reflects the significant demand for Bitcoin and its increasing acceptance as an investment commodity.</p>
<h2 class="wp-block-heading" id="h-bitcoin-surpass-silver-nbsp"><strong>Bitcoin Surpass Silver&nbsp;</strong></h2>
<p>According to Bitfinex Head of Derivatives Jag Kooner, the rapid growth of Bitcoin ETFs in the U.S. has pushed them ahead of silver ETFs in AUM. With around 647,651 Bitcoins, equivalent to $27.5 billion in AUM, Bitcoin has become the second-largest commodity in the U.S.&nbsp;</p>
<p>The cumulative trading volume for the 11 Bitcoin ETFs surpassed $12 billion within the first five days of trading. On the other hand, the Grayscale Bitcoin Trust ETF (GBTC) alone holds approximately 619,000 Bitcoins, securing a leading position in the ETF markets.&nbsp;</p>
<p>Kooner anticipates that the present market interest in Bitcoin ETFs will persist, driven by competitive fee structures and the potential for further innovations in crypto ETFs, possibly including assets like ether.</p>
<h2 class="wp-block-heading" id="h-bitcoin-as-a-commodity"><strong>Bitcoin as a Commodity</strong></h2>
<p>The approval of spot Bitcoin ETFs by the Securities and Exchange Commission can be implied as the SEC acknowledging Bitcoin as a commodity. After a decade-long struggle between the SEC and the crypto industry, the commission was bound to approve under legal pressure after a federal Judge had asked to reconsider its decision on rejecting Grayscale Bitcoin ETF filing.</p>
<p>Bitcoin’s price reached its highest level since December 2021, with intense competition among ETF issuers resulting in fee reductions below industry standards. Some firms are even waiving fees for specific periods or asset volumes. While estimates vary, analysts project significant inflows into Bitcoin ETFs, ranging from $10 billion in 2024 to potentially reaching $50-100 billion in 2023 alone.</p>
<h2 class="wp-block-heading" id="h-in-conclusion-nbsp"><strong>In Conclusion&nbsp;</strong></h2>
<p>The rise of Bitcoin ETFs over silver ETFs underscores the growing influence of digital assets in traditional financial markets. This development not only solidifies Bitcoin’s growth in the ETF market but also opens the gate for further innovations in the crypto ETF space.&nbsp;</p>

Bitcoin ETFs Outshines Silver ETFs in AUM After Just One Week of Trading

Table of Contents

CoinPedia News

Other articles published on Jan 18, 2024

Tron Founder Withdraws Billions of SHIB From Binance: Details

A crypto gem? ‘I will never authorize the creation of a CBDC,’ says Donald Trump

Ronaldo to faces legal backlash, Binance users turn to X

Hackers Mislead Rocket Pool X Users with Bogus Contract Breach Claims

Staked ETH on Lido crosses 32% following these moves

Tenderly Elevates Metamask Snap with Sayfer-Verified Security

Join our free newsletter for daily crypto updates!