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Bitcoin has surpassed silver to become the second-largest commodity ETF in the U.S.

Market and Events: Bitcoin has surpassed silver to become the second-largest commodity ETF in the U.S.

Spot bitcoin ETFs have overtaken silver-based exchange traded funds in terms of assets under management (AUM), according to ETF Database.

The recent approval of cryptoinvestment funds by the U.S. Securities and Exchange Commission (SEC) on January 10, 2024 marked a significant milestone. In just one day, the bitcoin-ETF reached an impressive trading volume of about $4.5 billion.

Within a week, the new investment product surpassed silver in volume, cementing its position as the second largest commodity ETF in the United States. This impressive progress can be attributed to the market's growing interest in these funds, as noted by Jag Kuhner, head of derivatives at #Bitfinex.

According to CC15Capital, as of January 18, 2024, there are 647,651 BTC in spot bitcoin ETF funds, which is equivalent to approximately $27 billion. Comparatively, the #Grayscale Bitcoin Trust ETF holds 619,000 BTC, which is equivalent to approximately $25.6 billion.

Silver-based funds currently hold the third-largest amount of assets (AUM), with about $11.5 billion spread across five ETFs. On the other hand, gold-based ETFs rank first in terms of assets under management, with $96.3 billion in assets, spread across 19 funds.

Notably, on January 18, 2024, #BlackRock made an announcement about increased interest in its spot bitcoin ETF among retail investors. Company representatives noted a significant inflow of funds into #iShares Bitcoin Trust from various sources.

It is worth noting that #VanEck plans to close its futures bitcoin-ETF, which further emphasizes the significance of the spot bitcoin-ETF's success.

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