BITCOIN

In just five days, Bitcoin surpasses silver to become the second-largest ETF in the United States, second only to gold.

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In just five days, Bitcoin surpasses silver to become the second-largest ETF in the United States, second only to gold.

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Bitcoin ETF Assets Surpass Silver

Data compiled by Bloomberg ETF analyst James Seyffart shows that the assets under management of Bitcoin spot ETFs have reached $26.2 billion.

According to data from ETF Database, the assets under management of gold ETFs total $96.3 billion across 19 ETFs, while silver has $11.5 billion across 5 ETFs.

This means that Bitcoin ETFs have surpassed silver to become the second-largest single commodity ETF in the United States.

GBTC Boosting the Rise of Bitcoin ETFs?

Jag Kooner, derivatives head at Bitfinex, told The Block that he believes the conversion of Grayscale Bitcoin Trust (GBTC) into spot ETFs is one of the key factors driving the rapid rise of Bitcoin ETFs, creating the world's largest Bitcoin ETF overnight.

As of Thursday, the cumulative trading volume of the newly listed 11 Bitcoin ETFs has exceeded $12 billion, and Kooner expects strong public interest to sustain high trading volumes for Bitcoin ETFs.

Kooner stated:

The cost structure of ETF issuers is competitive, including discounted fees and fee waivers, which will attract more investors and may trigger further competition among ETF issuers. While some investors still consider cryptocurrencies as high-risk assets, the rise of Bitcoin ETFs may pave the way for more crypto ETFs, such as Ethereum.

Unveiling the Hidden Costs of Bitcoin Spot ETFs: A Guide to BTC Investment Methods and Fees

In a recent interview with Bloomberg, Grayscale CEO Michael Sonnenshein expressed a similar view, emphasizing that the lawsuits with the SEC have removed barriers for many Bitcoin ETFs. In response to the host's question about the significant outflows from GBTC, he argued that trading volume is the key and that GBTC's 1.5% fee is justified.

Grayscale CEO: GBTC Removes Barriers for Bitcoin ETFs, 1.5% Fee is Reasonable