February 27, 2024

Taylor Daily Press

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Bitcoin overtakes silver as US's 2nd largest commodity ETF

Bitcoin overtakes silver as US's 2nd largest commodity ETF

Spot Bitcoin ETFs in the US Overtake Silver ETFs There are now more bitcoin-denominated assets in spot bitcoin ETFs than silver in spot silver ETFs. The success of spot bitcoin ETFs shows that the digital currency's reputation is on the rise.

A major milestone for Bitcoin

“Catch-up” with silver is considered a major milestone for Bitcoin, but it's not entirely fair.

Why?

Because Bitcoin includes the capital of the Grayscale Bitcoin Trust (GBTC). Before Spot Bitcoin ETFs launched, they already had 600,000 bitcoins under management.

According to Capital15C figures, Grayscale is currently worth $25 billion worth of Bitcoin. “Holding” silver in this area is not entirely fair.

Only when other ETFs pass silver's $11 billion can we really say that Bitcoin has outperformed the precious metal.

Different reactions

“Bitcoin ETFs Outpace Silver ETFs in US on Huge Market Interest” Thus Bitfinex Derivatives Head Jack Kooner to the Block.

“The trading level reflects the high demand for these products, and we expect this to increase liquidity and stability in the market,” Kooner continued.

This is completely unfair and a strange reaction. In this way, Bitcoin outperformed silver ETFs even before its launch. It would be good for the industry if people kept such strange statements to themselves.

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Anyone with a little common sense can see that there is something wrong here. That doesn't change the fact that the total inflows of ~30,000 Bitcoin we've seen so far for the first trading days of ETFs is impressive.

It is hoped that this influx will continue.