Bitcoin surpasses silver to become second largest ETF commodity in the US

[JustineCollins09]

"Bitcoin  BTC -3.81%
 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, adding that pent-up demand for bitcoin has played a crucial role in propelling the digital asset ahead of silver in AUM terms.

Silver was previously the second-leading single commodity ETF in terms of AUM in the U.S. However, spot bitcoin ETF funds, including the conversion of Grayscale's GBTC trust, now hold approximately 647,651 bitcoin, which amounts to $27.5 billion in AUM, according to CC15Capital."

That's something crazy I have heard today. but it will always have a hard time competing gold for sure. what's your view?

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[fat buddah]

Competing with Gold is definitely hard, but possible. One milestone has been beaten, the next is on the way!

[lovesmayfamilis]

"Bitcoin  BTC -3.81%
 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, adding that pent-up demand for bitcoin has played a crucial role in propelling the digital asset ahead of silver in AUM terms.

Silver was previously the second-leading single commodity ETF in terms of AUM in the U.S. However, spot bitcoin ETF funds, including the conversion of Grayscale's GBTC trust, now hold approximately 647,651 bitcoin, which amounts to $27.5 billion in AUM, according to CC15Capital."

That's something crazy I have heard today. but it will always have a hard time competing gold for sure. what's your view?

The fact that you put the text in quotation marks is correct, showing that this is not your text. But you also need a link to the source of the news you copied.
Add a source.https://www.theblock.co/post/273317/bitcoin-surpasses-silver-to-become-second-largest-etf-commodity-in-the-us

[hugeblack]

A few days have passed since the approval of bitcoin ETFs, so measuring their repercussions at this time is not an important step, and bitcoin does not originally want to compete with gold, but the question that must be asked is how it will affect bitcoin and whether the effect of ETFs will be positive, as it was on gold, or negative.

Look at gold prices from 1974 to 2003 and then compare the difference between it and 2003 to 2023.
If this happens to Bitcoin, it will be very positive news.

[Dunamisx]

Competing with Gold is definitely hard, but possible. One milestone has been beaten, the next is on the way!

With time there's nothing impossible, at least bitcoin in some ways has shown being more profitable than gold, now that this ETF approval has brought in more exposure about bitcoin, there should be more to see coming even from the way bitcoin will be globally recognized, we should expect for more adoption this year, the value keep increasing, while gold remains centralized, bitcoin remains decentralized as well.

[btc78]

Well I Have seen lots of people compare Bitcoin to Gold going as far to say that Bitcoin is like the digital gold but these two have very different and distinct qualities which makes either one attractive to different types of investors gold is preferred by those who could not be bothered to check the market and monitor the prices can bitcoin ever surpass gold? To be honest, i can see it happening lager in the future

[BTC_Dragon]

Silver has been an absolute disappointment over the last several years (one could argue decades), so this is no surprise. Good news! I feel like if silver was going to move, the pandemic etc. was going to be the time. It can't even hold 24/oz.

[snowpega]

OP indeed, it is good that Bitcoin has surpassed silver and give it time I hope it will surpass the Gold market cap as well. I hope this bull run will make it the biggest asset of the time I was reading such news where I read that Bitcoin has surpassed the Tesla market cap and we all know that Tesla is the most successful Company in the world that introduced the electric car first.

If you look at the time when BTC was born and at the current time it is trading you will come to know how much Bitcoin has achieved. it has built fair trust in the hearts of investors and interacting investors to its positive potential.

[BitcSeo]

Just an observation from someone who has not been consistent with btc within the last 3-4 yrs.

Financial institutions, economists understand the strength of btc more than most users.

This digital currency sent strong signal to banking institutions. And as a result of its popular and awareness, some restrictions (limitations) was place on it. This includes verification protocols.

Note however, that  those behind this coin probably may have move to invention of the second virtual currency.

To them, btc might be a kind of experiments  in order to pave way to the main coin.

Regards

[Sandra_hakeem]

Look at gold prices from 1974 to 2003 and then compare the difference between it and 2003 to 2023.
If this happens to Bitcoin, it will be very positive news.

That's true...I keep saying that gold remains a stock in value; since it's not a digital currency and can possibly be accessible to the governs alone in some countys, it's value tends to increase in a more dilatory pattern overtime ... it's the utility measures and how melleable it becomes that increases its worth on a single commodity... Otherwise, a gold bar would sell for atleast 1 grand or lesser... Bitcoin?? It's way different....the whole purpose of decentralization was to root-in the volatility, which has made the coin sellable/buyable, and has created an awareness overtime.

To them, btc might be a kind of experiments  in order to pave way to the main coin.

Are you being serious right now? BTC looks like an experiment to you?... So what coin do you consider to be the main coin?

Sandra 🧑‍🦰

[SquirrelJulietGarden]

A few days have passed since the approval of bitcoin ETFs, so measuring their repercussions at this time is not an important step, and bitcoin does not originally want to compete with gold, but the question that must be asked is how it will affect bitcoin and whether the effect of ETFs will be positive, as it was on gold, or negative.

Look at gold prices from 1974 to 2003 and then compare the difference between it and 2003 to 2023.
If this happens to Bitcoin, it will be very positive news.

You did not add time to the screenshot but from the window about 50 years (1974 to 2023), I estimate the time for Gold to take off since a first Gold Spot ETF approval is about 10 years.

Gold price did not take off some weeks after the first Spot ETF approval and I really don't believe Bitcoin will be different. We must be realistic that all 11 companies that have 11 Bitcoin Spot ETFs will need time to build their infrastructures, train their staffs before they can go next with massive marketing, product sales.

Approvals are only very first bricks for those companies and Bitcoin to fly.

[pinggoki]

Competing with Gold is definitely hard, but possible. One milestone has been beaten, the next is on the way!

Gold's already below bitcoin when it comes to prices so that's a milestone that's been beaten a long time ago. What bitcoin needs to do next is get to the 2nd if not the 1st place of the highest stock price in history, bitcoin if treated like a stock is currently at 3rd place with the 4th place lagging at a really large difference, come one dream bigger than that, bitcoin is the greatest investment in the making in my opinion, I don't know if anyone's called bitcoin that but I believe that it's going to be that when it topples the Berkshire Hathaway stock price in the future.

[adaseb]

Keep in mind these are just the commodity etfs. There is much more silver and gold out there just not in the form of an etf. Not every gold holder is holding it thru an etf but might hold it physically.

Either way it’s still a pretty impressive stat. However who knows if it will hold in 6 months. Seems every day there is half a billion coming out of the GBTC. So who knows what the AUM will be in a years time.

[Poker Player]

Well, but for Bitcoin to overtake the silver market globally (instead of just in the US), there is still some way to go.

https://companiesmarketcap.com/assets-by-market-cap/




Considering that the market cap will have to increase by more than 50% I believe that if things go as planned (similar to previous cycles) this could happen in about a year's time.

[Natsuu]

So Bitcoin ETFs beating silver ETFs in the U.S. is a big deal, showing people are really into crypto. But gold is like the OG in the game. It's been a go-to for ages, especially when things get shaky economically. While Bitcoin is cool, gold's long-standing rep makes it a tough competitor to beat.Still bitcoin has a lot to offer!

[kryptqnick]

That's huge news, primarily because of how fast that happened and how far Bitcoin has come. Being #2 is a very decent achievement. The way the ranking is made isn't simple to follow, though. I couldn't find a nice table where Bitcoin ETF would be #2, for example. There are many gold ETFs, and there are several Bitcoin ETFs, so it's not like Bitcoin only needs to beat one of them.
Interestingly, the course is a tweet by CC15Capital which is now unavailable, so the trustworthiness of this information can be dubious.

[thecodebear]

Well right now it is mostly just from Grayscale's trust converted to ETF. There's probably only a couple billion in other ETFs so far. I don't know how much there is in Gold ETFs but with Bitcoin's growth BTC ETFs will obviously eventually pass Gold ETFs.

[franky1]

Well right now it is mostly just from Grayscale's trust converted to ETF. There's probably only a couple billion in other ETFs so far.

as of 17th

for those that are interested
coins locked to ETF's (at previous day to post)

ARK 21Shares (ARKB) : 6544btc
Bitwise (BITB) : 8309btc
BlackRock Inc (IBIT) : 25067.06btc
Fidelity Investments (FBTC) : 10,000btc
Franklin Templeton (EZBC) : 1160btc
Grayscale Investments ($GBTC) : 591,947btc
Hashdex (DEFI) : 400btc
Invesco Galaxy (BTCO) : 3200btc
Valkyrie (BRRR) : 1457btc
VanEck (HODL) : 2000btc
WisdomTree (BTCW) : 75btc

~650k btc = ~$27bill

[SamReomo]

It's just the start of the picture, Bitcoin ETFs can be so big in future and I'm also a firm believer that they can surpass Gold in future but not very soon. I'm sure that it will take those ETFs a lot of time to come close to Gold but nothing is impossible.

It will take those ETFs at least decades to surpass Gold ETFs but surely that time will come in future. However, in current days we should still be happy that Bitcoin is getting more attention due to those ETFs and it's getting free advertisements as well.

[tiCeR]

Competing with Gold is definitely hard, but possible. One milestone has been beaten, the next is on the way!

Competing with Gold is definitely hard, but I think the question is rather what you mean when you say hard. It won't happen within no time. If no other technology is about to pop up that thwarts Bitcoin's future plans, in my opinion it is a question of time.

We often say that we live in a digital world, but that doesn't apply equally to everyone. Certainly, the kids and youth from the richer countries do. If I look around in my family circle, the young are fully digital. Some of them know what Bitcoin is, but not how it works for obvious reasons. But the elderly are not yet fully digital and they may never be. But this transformation from an analog to the digital world is not only dependent on hardware and software, but also on the people interacting with it - the human agents so to say. We are seeing a whole new trend with all the digital agents now stepping into our lives. So far most of them have been instructed as to what to do and what not to do, but who knows, maybe soon AI will really be smarter and at least as intuitive as we are.

If this whole transformation keeps accelerating and the network of people that trusts technology like Bitcoin keeps expanding, I think the demand for Gold could decrease whereas the demand for a fully digital alternative would increase. So there is something like a natural process involved because older people who store a large part of their wealth in precious metals probably will keep it there until they die. It is understandable as for them this Bitcoin thing is way more mysterious and incomprehensible than Gold and silver. But the younger generations already tend to invest more of their total accumulated wealth in something like Bitcoin.

But Gold will be around and it will remain valuable for as long as there is no chemical process that allows for it to synthetically be produced and for as long as there is no other chemical molecule that can fulfill the functions gold fulfills in our society industrial sectors.

However, nobody yet knows what Bitcoin has cooking for it. We are still scratching the surface of the use cases that Bitcoin either directly or indirectly enables or initiates.