Bitcoin ETFs Surpass Silver, Second Only to Gold

By: Eva Baxter

Overview

The recently launched Bitcoin ETFs, collectively known as the 'Newborn Nine', have seen record inflows, even surpassing silver ETFs in the market. With net flows sky-rocketing to a notable $1.2 billion in just four days of trading, these ETFs appear to be the new darling of investors. The Newborn Nine alone attributed to a significant $914 million of this surge, marking a high point in their trading history. This influx surpassed the $450 million outflow witnessed by GBTC, highlighting the growing dominance of these newcomers.

Within the initial four-day trading period, these Bitcoin ETFs attracted an astonishing $3 billion intake with a trading volume of $5.4 billion. This strong market participation was led by IBIT, which crossed the $1 billion mark, followed by FBTC and BITB. In fact, half of the Newborn Nine broke the $100 million benchmark, reflecting the intense investor interest in these burgeoning digital asset funds.

Interestingly, the week the U.S. Securities and Exchange Commission approved Bitcoin ETFs, their asset value instantly outpaced that of silver ETFs, positioning Bitcoin ETFs as second only to gold among commodity-focused U.S. ETFs. Clearly, even as the youngest player, Bitcoin is leaving a substantial footprint in the U.S. ETF market.