Silver has existed for billions of years. Although Bitcoin is only 15 years old, it has already become a major player in the American ETF (exchange traded fund) market.
Bitcoin ETFs had more assets under management than silver ETFs when they were approved by the U.S. Securities and Exchange Commission (SEC) last week. Among U.S. commodity-focused ETFs, only the gold ETF outperforms the Bitcoin ETF.
The conversion of the existing Grayscale Bitcoin Trust into an ETF has brought the Bitcoin ETF to nearly $30 billion in assets under management since its market debut, according to data compiled by CoinDesk. . According to etfdb.com, silver ETFs have approximately $11 billion in assets under management. Gold ETFs, on the other hand, are about $95 billion.
“This far exceeded my short-term expectations and is a great demonstration of Bitcoin’s role as a reserve asset and the demand for exposure to Bitcoin in the financial markets,” he said in partnership with Ark Invest. Ophelia Snyder, co-founder of 21Shares, which launched a Bitcoin ETF, posted on X.
The appearance of Bitcoin ETF was a historical event not only for the crypto asset (virtual currency) community but also for ETFs. In the first three days of trading, net inflows totaled approximately $894 million, far exceeding the inflows of most other new ETFs.
｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: Bitcoin Instantly Topped Silver in ETF Market and Trails Only Gold Among Commodities