Bitcoin overtakes silver to become the second largest ETF in the US

After trading for just a week, bitcoin ETFs have overtaken silver ETFs in the U.S. in terms of assets under management.

Bitcoin Bitcoin +0.27% ETFs have outpaced silver ETFs in the US in terms of size, driven by the substantial market interest they have received,” Jag Kooner, head of derivatives at Bitfinex, told The Block, adding that pent-up demand for bitcoin has played a crucial role in stimulating the market. digital asset ahead of silver in terms of AUM.

Silver was previously the second largest single commodity ETF by AUM in the US. However, bitcoin spot ETF funds, including Grayscale’s GBTC conversion trust, now hold approximately 647,651 bitcoins, which amounts to $27.5 billion in AUM, according to CC15Capital.

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

This places silver third in terms of AUM within a single commodity ETF asset class, with approximately $11.5 billion spread across five ETFs, according to the ETF Database. By comparison, U.S. gold-holding funds have combined assets of $96.3 billion, spread across 19 ETFs.

The top five commodity assets under management in the United States. Image: ETF Database.

Converting Grayscale Trust to an ETF

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

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

On Thursday, which is the fifth day of trading for the new assets, cumulative trading volume for the 11 funds topped $12 billion, according to Yahoo Finance data compiled by The Block.

Kooner expects this strong interest to continue.

“ETF issuers have implemented competitive pricing structures, with a range of discounted commissions and fee waivers that should attract more investors and could lead to further competitive pricing among ETF providers,” he said.

“While some in the investment community still see cryptocurrencies as risky, the growth of these ETFs could pave the way for more innovative crypto ETFs and new underlying assets like ether,” he added.

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