Bitcoin Exchange-Traded Funds (ETFs) have outpaced Silver ETFs in the U.S. in terms of assets under management (AUM) within a week of trading.

Bitfinex Head of Derivatives, Jag Kooner, highlighted the driving force behind this shift, stating:

"ETFs have exceeded silver ETFs in the U.S. in terms of size, driven by the substantial market interest they have received."

Kooner emphasized the pivotal role of pent-up demand for bitcoin in pushing the digital asset ahead of silver in AUM terms.

Previously holding the second position in terms of AUM among single commodity ETFs in the U.S., silver has now been surpassed by spot bitcoin ETF funds.

Grayscale's GBTC trust conversion has contributed to the surge, with these funds collectively holding around 647,651 bitcoins, equivalent to $27.5 billion in AUM, according to CC15Capital.

Significant Holdings

Data from Coinglass indicates that the Grayscale Bitcoin Trust ETF (GBTC) presently holds approximately 619,000 bitcoins.

Consequently, silver now holds the third position in AUM within the single commodity ETF asset class, with around $11.5 billion distributed across five ETFs, as reported by ETF Database.

In comparison, U.S. funds holding gold have a combined AUM of $96.3 billion across 19 ETFs.