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29 Jan 2024

Bitcoin ETFs Surpass Silver, Hold 2nd Commodity Spot

Bitcoin ETFs [have surpassed the market capitalization](https://www.forbes.com/sites/digital-assets/2024/01/24/bitcoin-overtakes-silver-as-second-largest-etf-commodity/?sh=4c1f287d1322) of traditional silver ETFs, with Grayscale Bitcoin Trust ETF leading at a market cap of $24.8 billion, compared to silver ETFs' $11 billion. This shift reflects growing investor confidence in bitcoin as an investment. The first spot bitcoin ETF in the U.S. marks a significant development, offering direct bitcoin exposure. Despite the success, GBTC faces challenges, including substantial sell pressure, exemplified by FTX's sale of around $1 billion in GBTC shares.