Bitcoin has overtaken silver to become the second-largest commodity asset class under management (AUM) among US exchange-traded funds..
AUM represents the total market value of investments that an individual or entity manages on behalf of investors. AUM is considered one of the main indicators of a fund's demand among investors.
Gold ETFs Top the List of ETFs. Until recently, silver ETFs were in second place.. Spot Bitcoin ETFs currently manage 647,651 BTC in assets, equivalent to $27.5 billion in AUM. Of this amount, 619,000 Bitcoins belong to the Grayscale Spot Bitcoin ETF.
In comparison, silver now has an AUM of $11.5 billion. Gold spot funds hold total assets of $96.3 billion.
“Bitcoin ETFs have surpassed silver ETFs in the US in size, driven by significant market interest,” explains Bitfinex head of derivatives Jag Kooner..
A Bitfinex spokesperson recalled that “Grayscale's conversion of an existing Bitcoin trust into an ETF created the world's largest Bitcoin ETF overnight”:
“The trading level reflects the accumulated demand for these products. We expect this to lead to increased liquidity and stability in the market.”
The total volume of all 11 spot Bitcoin exchange-traded funds exceeded $11.1 billion on the fourth day of trading. Grayscale, BlackRock and Fidelity continue to dominate the Bitcoin ETF market, accounting for more than 90% of total trading volume. Overall, daily volume is starting to decline, from $1.8 billion last Tuesday to $1.5 billion on Wednesday. Grayscale CEO Michael Sonnenshine believes only two or three of the approved Bitcoin spot ETFs will survive. .