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Bitcoin has surpassed silver to become the second-largest ETF commodity in the US. Since its landmark approval by the SEC earlier this month, Spot BTC ETFs have been all the rage in the investment community. It’s only been a week, but now the asset is the second-largest ETF commodity in terms of assets under management (AUM). JUST IN: #Bitcoin becomes the second largest ETF commodity in the US, surpassing silver. — Watcher.Guru (@WatcherGuru) January 18, 2024 Also Read: How the Bitcoin ETF Launch Could Fuel Altcoin Rallies? “Bitcoin 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. The increase in demand has led to a surge in BTC ETFs. Furthermore, Spot BTC ETF Funds now hold approximately 647,651 BTC, which amounts to $27.5 billion in AUM, according to CC15Capital. Gold Remains Top ETF Asset, But Bitcoin is on the R...

According to YouTube analyst Crypto Banter, Bitcoin technical charts show an incoming fall in the market. Despite the approval of spot Bitcoin ETFs on Jan. 10, which many recognized as a win for the industry after the first application was submitted 10 years ago, the prices of Bitcoin (BTC) only dropped further, pulling most of the market into the red. The analyst relates that success should be more money going into BTC than flowing out. In looking at the numbers, while there was $1.2 billion in net inflows in the previous week, at the same time, $579 million flowed out of Grayscale, the biggest holder of BTC in the world with 619,000 coins in their possession. You might also like: Grayscale moved $1.3b Bitcoin to Coinbase since ETF approval The analyst concludes the coins have been locked up for a while, but with the new ETF announcements, coins are starting to hit the market. The analyst says that Grayscale started sending BTC to multiple addresses on Jan. 12 to liqu...

An unknown investor paid $100,000 in seed capital for shares in BlackRock’s spot Bitcoin ETF, which was filed in June 2023 and preceded a wave of applications with the SEC. This seed capital investor initiated the purchase on Oct. 27 and took delivery of 4,000 share s on the same day. Seed capital is the initial funding required to finance creation units underpinning an ETF.  BlackRock offered each seed share at $25, the $10 trillion asset management heavyweight disclosed in a  Dec. 4 amendment to its S-1 filing with the U.S. Securities and Exchange Commission (SEC). Bitwise filed an updated prospectus for a spot Bitcoin (BTC) ETF as crypto.news reported, although no mention was made of seed share s. This means BlackRock is likely the sole issuer that has received a batch of seed funding for now.  The Wall Street titan was also negotiating with the SEC over redemption models for spot BTC ETFs, favoring an “in-kind structure” that Bloomberg experts surmised could benefit...

A Senior Bloomberg ETF analyst speculated that the Securities and Exchange Commission favors a particular redemption model and that could be a factor for which applications get approved. The U.S. Securities and Exchange Commission (SEC) may choose to first approve spot Bitcoin ETFs with a cash create redemption structure, according to ETF expert Eric Balchunas who said that such a decision remained unconfirmed by America’s securities regulator. Cash create differs from the alternative “in-kind” option since it requires issuers to hold the dollar equivalent of every Bitcoin (BTC) offered in the ETF. Conversely, the in-kind model only mandates that the operator hold BTC with a trusted custodian.  Experts have said that the latter option would be more beneficial for investors as it mitigates issuers’ operating costs and boasts better tax consequences. Balchunas noted that several issuers were positioned to offer their ETFs under the cash create model. However, Wall Stree...