Silver has been around since dying stars began spewing out the metal billions of years ago. Bitcoin is worth 15 – but it’s already a bigger deal in the US ETF market.
Bitcoin ETFs held more assets than silver ETFs at the moment the SEC approved them last week, trailing only gold among US commodity-focused ETFs.
Thanks to Grayscale’s conversion of the existing Bitcoin Trust into an ETF, there was immediately nearly $30 billion stashed in Bitcoin ETFs, according to data compiled by CoinDesk. Silver ETFs have combined assets of approximately $11 billion, According to etfdb.com.
The one commodity that remains more popular is gold – often called Bitcoin Digital version of – About 95 billion dollars.
“This was far from my short-term expectations but is a great validation of Bitcoin’s role as a reserve product and of the demand for exposure to Bitcoin in financial markets,” said Ophelia Snyder, co-founder of 21Shares, which launched an ETF in partnership with Ark Invests, books On X (formerly Twitter).
The launch of Bitcoin ETFs earlier this month was a landmark event not only for the cryptocurrency community but for ETFs as well. Saw newly launched funds Nearly $894 million in net inflows During the first three days of trading, much higher than most new ETFs bring.