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Bitcoin Becomes 2nd Largest ETF Commodity in the US, Passes Silver
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Bitcoin has surpassed silver to become the second-largest ETF commodity in the US. Since its landmark approval by the SEC earlier this month, Spot BTC ETFs have been all the rage in the investment community. It’s only been a week, but now the asset is the second-largest ETF commodity in terms of assets under management (AUM).
Also Read: How the Bitcoin ETF Launch Could Fuel Altcoin Rallies?
“Bitcoin ETFs have exceeded silver ETFs in the U.S. in terms of size, driven by the substantial market interest they have received,” Bitfinex Head of Derivatives Jag Kooner told The Block. The increase in demand has led to a surge in BTC ETFs. Furthermore, Spot BTC ETF Funds now hold approximately 647,651 BTC, which amounts to $27.5 billion in AUM, according to CC15Capital.
Gold Remains Top ETF Asset, But Bitcoin is on the Rise
Gold remains the top ETF asset in terms of AUM, with a combined AUM of $96.3 billion, across 19 ETFs. Grayscale’s GBTC trust converting to an ETF was a major factor in this swing. According to Jag Kooner, “Grayscale’s conversion of its existing bitcoin trust into an ETF created the world’s largest bitcoin ETF overnight.”
The cumulative trading volume for all Spot Bitcoin ETFs has exceeded $12 billion. This indicates growing interest from investors in BTC each day. Each ETF issuer has created competition with their varying fees and discounts. This in turn further generates interest in the ETFs, with multiple competing firms creating better deals to one-up others.
Also Read: How to Watch the NFL Playoffs for Free?
“While some in the investment community still view cryptocurrencies as risky, the growth of these ETFs could pave the way for more innovative crypto ETFs and new underlying assets such as ether,” Kooner adds. The hype around BTC and the new Spot ETF hasn’t dwindled, and may not for some time. The Bitcoin ETF may inspire investors to take a closer look at cryptocurrency and other projects, such as Ethereum and Ripple XRP, that may establish their ETFs in the future.
В этой новости
Монеты
$ 89.51K
+0.12%
$ 2.97K
+0.10%
$ 1.92
-0.32%
$ 2.11
$ 0.000603
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В этой новости
Монеты
$ 89.51K
+0.12%$ 2.97K
+0.10%$ 1.92
-0.32%$ 2.11
$ 0.000603
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Selling Pressure Intensifies as Bitcoin, Ether ETFs Lose $1 Billion
Bitcoin consolidates as sentiment cracks again! Recovery to $100K IF…
Bitcoin Becomes 2nd Largest ETF Commodity in the US, Passes Silver
Поделиться:
Bitcoin has surpassed silver to become the second-largest ETF commodity in the US. Since its landmark approval by the SEC earlier this month, Spot BTC ETFs have been all the rage in the investment community. It’s only been a week, but now the asset is the second-largest ETF commodity in terms of assets under management (AUM).
Also Read: How the Bitcoin ETF Launch Could Fuel Altcoin Rallies?
“Bitcoin ETFs have exceeded silver ETFs in the U.S. in terms of size, driven by the substantial market interest they have received,” Bitfinex Head of Derivatives Jag Kooner told The Block. The increase in demand has led to a surge in BTC ETFs. Furthermore, Spot BTC ETF Funds now hold approximately 647,651 BTC, which amounts to $27.5 billion in AUM, according to CC15Capital.
Gold Remains Top ETF Asset, But Bitcoin is on the Rise
Gold remains the top ETF asset in terms of AUM, with a combined AUM of $96.3 billion, across 19 ETFs. Grayscale’s GBTC trust converting to an ETF was a major factor in this swing. According to Jag Kooner, “Grayscale’s conversion of its existing bitcoin trust into an ETF created the world’s largest bitcoin ETF overnight.”
The cumulative trading volume for all Spot Bitcoin ETFs has exceeded $12 billion. This indicates growing interest from investors in BTC each day. Each ETF issuer has created competition with their varying fees and discounts. This in turn further generates interest in the ETFs, with multiple competing firms creating better deals to one-up others.
Also Read: How to Watch the NFL Playoffs for Free?
“While some in the investment community still view cryptocurrencies as risky, the growth of these ETFs could pave the way for more innovative crypto ETFs and new underlying assets such as ether,” Kooner adds. The hype around BTC and the new Spot ETF hasn’t dwindled, and may not for some time. The Bitcoin ETF may inspire investors to take a closer look at cryptocurrency and other projects, such as Ethereum and Ripple XRP, that may establish their ETFs in the future.
В этой новости
Монеты
$ 89.51K
+0.12%$ 2.97K
+0.10%$ 1.92
-0.32%$ 2.11
$ 0.000603
Поделиться:
В этой новости
Монеты
$ 89.51K
+0.12%$ 2.97K
+0.10%$ 1.92
-0.32%$ 2.11
$ 0.000603
Поделиться:
Читать больше
Selling Pressure Intensifies as Bitcoin, Ether ETFs Lose $1 Billion