In a significant development, exchange-traded funds (ETFs) centred on Bitcoin are rapidly climbing the ranks among commodity ETFs, displacing even the largest silver trusts, with the largest gold trusts next in line.
Recent data released by HODL15Capital indicates a notable milestone for the cryptocurrency realm, with Bitcoin spot ETFs now exceeding Silver ETFs in terms of asset management size.
Of particular note is BlackRock’s iShares BTC ETF, which has reached an impressive $10.03 billion in assets under management (AuM). This figure represents a substantial 35.2% gain year-to-date (YTD).
In contrast, the iShares Silver Trust (SLV) lags behind with an AuM of $9.626 billion, reflecting a 4.8% decline on a YTD basis. Effectively, BlackRock’s Bitcoin ETF has surpassed the largest Silver Trust, with only gold trusts remaining to be surpassed.
Bitcoin ETFs are moving up the Commodity ETFs leaderboard.
Note the YTD performance difference of $IBIT $FBTC $ARKB $BITB vs. $GLD $IAU $SLV $GLDM $PDBC $SGOL $DBC $USO $UNG pic.twitter.com/fg3vl4AJTj
— HODL15Capital 🇺🇸 (@HODL15Capital) March 3, 2024
Following closely is the Fidelity WiseOrigin Bitcoin ETF, boasting an AuM of $6.55 billion and recording a comparable 35.2% YTD gain like BlackRock. Consequently, both BlackRock and Fidelity’s Bitcoin spot ETFs now rank higher than the investment vehicles of SPDR Gold MiniShares Trust and Invesco Diversified Commodity Strategy, which have AuM of $6.325 billion and $4.465 billion, respectively.
Additionally, they outpace the abrdn Physical Gold Shares ETF, which has a YTD AuM of $2.685 billion. Positioned at ninth on the commodity ETF leaderboard is the ARK 21Shares Bitcoin ETF, with an AuM of $2.175 billion, surpassing the Invesco DB Commodity Index Tracking with a 35.2% gain since January.
Similarly, ranked at 11th, the Bitwise Bitcoin ETF outranks the United States Oil Fund and U.S. Natural Gas Fund. On the YTD scale, the United States Oil Fund is the only commodity with a positive gain, akin to the Bitcoin ETFs. Meanwhile, the U.S. Natural Gas Fund records the most significant decline, with an 18.4% negative growth since January.