Bitcoin ETFs have just recently launched in the United States. But that hasn’t stopped them from surpassing the size of one of the world’s oldest precious metals.
What’s happening:
- Bitcoin has surpassed silver to become the second largest ETF commodity in the entire United States, just a mere week after being approved to list on major US stock exchanges
Why it matters:
- Many critics of Bitcoin and crypto were skeptical that Bitcoin ETFs would be embraced by the public markets or significantly allocated to
- The rapid rise of inflows to Bitcoin ETFs is happening in parallel with many publicly listed Bitcoin mining companies hitting all time highs in revenues
Going deeper:
- In just one week since being officially approved by the SEC Bitcoin ETFs are already the second largest commodity for assets under management and continuing to grow rapidly
- Gold still remains as the largest asset for ETFs in the United States
- BlackRock has been on a Bitcoin buying spree, seeing record breaking inflows into their iShares Bitcoin ETF (NASDAQ: IBIT)
By the numbers:
- Gold ETFs have a combined assets under management in the United States of $96.3B USD
- Since spot Bitcoin ETFs were officially approved, they already have $27.5B USD in assets under management across all 11 different spot Bitcoin ETFs
- Spot Bitcoin ETFs have traded approximately $12B USD in total volume since launching
- BlackRock became the first ETF to reach $1B in assets under management for a spot Bitcoin ETF
