Coinspeaker
Bitcoin Overtakes Silver to Become Second-Largest ETF Commodity after Gold
In a remarkable turn of events, Bitcoin exchange-traded funds (ETFs) in the United States have swiftly outpaced silver ETFs in terms of assets under management (AUM) within just one week of trading. This significant milestone follows the historic introduction of the first spot Bitcoin ETFs in the US.
Previously holding the position as the second-leading single commodity ETF in terms of AUM in the US, silver has now been surpassed by Bitcoin ETFs. Spot Bitcoin ETF funds, including the conversion of Grayscale’s GBTC trust, currently hold approximately 647,651 bitcoins, equivalent to a substantial $27.5 billion in AUM, as reported by CC15Capital.
According to data from Coinglass, the Grayscale Bitcoin Trust ETF (GBTC) alone possesses around 619,000 bitcoins, contributing significantly to the overall AUM of Bitcoin ETFs.
This development relegates silver to the third position in terms of AUM within the
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