Crypto research institute K33 Research director Vetle Lunde posted on social media platform X yesterday (17th) stating that the US Bitcoin spot ETF has surpassed the US gold ETF in assets under management in less than a year since its listing:
In the US, the assets under management of the Bitcoin spot ETF ($129.3 billion) have surpassed that of the gold ETF ($128.9 billion).
It's worth noting that the gold ETF has dominated the market for 20 years, but now it has been overtaken.
What physically-backed ETFs are there in the US?
In the US stock market, the number of physically-backed ETF products is relatively limited, and they are mainly concentrated in the precious metals sector of physical gold and silver, while other commodities such as oil and agricultural products mostly use futures contracts as investment tools. Here are some common physically-backed ETF products:
1. Gold ETFs
There are about 5 to 10 ETFs backed by physical gold, but the exact number is usually subject to change over time, such as the launch of new ETFs or the delisting of some.
2. Silver ETFs
3. Other physically-backed precious metals ETFs
In addition to gold and silver, there are a few physically-backed platinum ETFs, such as Aberdeen Standard Physical Platinum Shares (PPLT), and physically-backed palladium ETFs, such as Aberdeen Standard Physical Palladium Shares (PALL).
In summary, the physically-backed ETF products in the US market are mainly concentrated in the precious metals sector, and the launch of the Bitcoin spot ETF can be considered a true innovation.
QCP: It's hard to find reasons to be bearish on Bitcoin
Additionally, QCP Broadcast released a report yesterday (17th) on its official Telegram channel stating that it is currently difficult to find reasons to be bearish on Bitcoin, as the Financial Accounting Standards Board (FASB) has recently implemented the first accounting standard for cryptocurrencies, allowing companies to record their digital assets at fair market value, which may drive more US companies to actively accept and adopt digital assets, thus fueling market optimism:
In a friendly regulatory environment, institutional demand for Bitcoin will be stimulated and grow.
