Crypto News- Silver traces its origins back to the cosmic explosions of dying stars eons ago, while Bitcoin, a mere 15 years old, has swiftly eclipsed silver in significance within the U.S. ETF market. The recent approval by the U.S. Securities and Exchange Commission instantly propelled Bitcoin ETFs to surpass silver ETFs in terms of assets, placing them second only to gold among U.S. commodity-focused ETFs.
Bitcoin Surpasses Silver in ETF Market, Now Second Only to Gold Among Commodities
Following the SEC’s nod, the conversion of the existing Grayscale Bitcoin Trust into an ETF resulted in a staggering accumulation of almost $30 billion in Bitcoin ETFs, as reported by CoinDesk. In contrast, silver ETFs collectively hold approximately $11 billion in assets, as indicated by etfdb.com. Gold, often likened to Bitcoin as its digital counterpart, remains the reigning favorite with around $95 billion in assets.
Reflecting on this unexpected turn of events, Ophelia Snyder, co-founder of 21Shares, which collaborated with Ark Invest to launch one of the ETFs, shared her sentiments on X (formerly Twitter), stating, ‘This exceeded my short-term expectations but is a fantastic affirmation of Bitcoin’s role as a reserve asset and the burgeoning demand for Bitcoin exposure in financial markets.’
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