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Cryptogambling / Bitcoin ETF trails behind gold in asset management in U.S.

Bitcoin ETF trails behind gold in asset management in U.S.

Publish Date: 19/01/2024
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Bitcoin exchange-traded funds (ETFs) hold almost $30 billion in assets, ranking below gold ETFs with around $95 billion at the top of the U.S. list. In third place, Silver ETFs have $11 billion in assets.

An ETF is a collection of securities traded on an exchange, similar to stocks. ETFs can replicate an index, sector, commodity or other assets and are bought or sold on a stock exchange.

Bitcoin, existing for over 15 years, has seen significant value changes. The recently approved Bitcoin ETFs are gaining recognition and becoming comparable with gold and silver.

Per Coindesk, ETF inflows are nearly $1 billion, equivalent to around 21,000 Bitcoins. BlackRock’s iShares Bitcoin Trust (IBIT) tops the list with 16,362 bitcoins, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with 12,112 Bitcoin. Notably, Grayscale’s Bitcoin Trust (GBTC) experienced substantial outflows, losing about 25,000 Bitcoin, affecting the overall industry inflow.

21Shares co-founder Ophelia Snyder highlighted that she sees Bitcoin’s role as a reserve product and the increasing demand for Bitcoin exposure in financial markets

β€œWow. This was way beyond my short term expectation but is a fantastic validation of Bitcoin’s role as a reserve product and of the demand for bitcoin exposure in financial markets. Onwards! #Bitcoin,” said Snyder.

ETF Analyst at Bloomberg Eric Balchunas pointed out the impressive significance of $10 billion in volume during the first three days after its launch in a post on X.

“Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going,” Balchunas said.

Bitcoin ETF attracts strong interest

U.S. investors are showing high interest in Bitcoin ETFs. In the first three days of trading, nine new exchange-traded funds attracted $1.9 billion.

The combined investments in the nine funds exceeded the post-launch investments in the ProShares Bitcoin Strategy ETF, which set a record with $1.2 billion in the initial three days of trading in 2021. Comparatively, the SPDR Gold Shares ETF attracted $1.13 billion in its first three days after launching in 2004.

Investments in the long-awaited ETFs did not meet the most optimistic expectations of attracting billions on the first day, according to Reuters.

It is uncertain how much interest these funds will continue to generate from both retail and institutional investors. Some analysts predict flows of $50 billion to $100 billion by the end of the year. Since January 11, Bitcoin has declined over eight percent, following earlier gains driven by anticipation of SEC approval for the ETFs.

According to Todd Sohn, an ETF analyst at Strategas, the Bitcoin ETF launches have come close to meeting the expectations.

“The next question is, What is their staying power? What will those flows look like in six months’ time, or six years from now?” said Sohn.

Currently, attracting investors seems to hinge on lower fees and well-known names.

BlackRock’s IBIT has garnered over $700 million and FDTC has surpassed $500 million, as reported by BitMEX Research.

Fees for the nine issuers vary from 0.19 percent to 0.39 percent before waivers. BlackRock is charging 0.12 percent for the first $5 billion in assets and the first 12 months, increasing to 0.25 percent thereafter. Fidelity starts with no fees, rising to 0.25 percent after July 31. These fees remain below half the average ETF fee of 0.54 percent.

CF Benchmarks CEO Sui Chung emphasized that fees play a vital role in determining the success of Bitcoin ETF.

“Those that charge the lower management fees will unsurprisingly make themselves more appealing compared to their peers. Brand recognition is another core aspect,” said Chung.

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