Spot Bitcoin ETFs have outperformed silver-based ETFs in terms of assets under management (AUM), a week after their launch in the US.
Jag Kooner, head of derivatives at crypto exchange Bitfinex, has said:
"Bitcoin ETFs have exceeded silver ETFs in the U.S. in terms of size, driven by the substantial market interest they have received."
In addition, he has added that pent-up institutional demand for digital gold has played a decisive role in this process.
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Until now, silver was the second most popular commodity ETF asset in the US.
However, Bitcoin-based spot exchange traded funds manage $27.9 billion in assets, CC15Capital has said.
According to CoinGlass data, the Grayscale Bitcoin Trust (GBTC) ETF currently holds about 619,000 Bitcoins.