“#DropGold works”-With the AUM reaching $60B, Grayscale “flips” the world’s largest gold fund


Bitcoin (Bitcoin) And altcoin investment company Grayscale now have more assets under management (AUM) than the world’s largest gold fund.

according to The latest data From the issuer’s Grayscale, Grayscale now controls more than $60 billion-$1.7 billion more than the leading gold fund SPDR Gold Shares (GLD).

Praise Grayscale, Futures ETF

At the same time, Grayscale’s flagship Bitcoin product, Grayscale Bitcoin Trust (GBTC), contains more than 646,000 BTC, and is worth approximately US$41.75 billion as of November 11.

As inflation recedes in the U.S. and global economies, these figures have intensified the debate about gold as a store of value and inflation hedge against Bitcoin.

Compared with BTC/USD, the price of gold is sluggish, and it can be said that the attractiveness of providing Bitcoin capital exposure has never been more meaningful.

GBTC price, holdings and premium charts. Source: Coinglass

Bloomberg analyst Eric Balchunas said this week that one month after the launch of the first Bitcoin futures exchange-traded fund (ETF), the trading volume was “huge”.

The first licensed U.S. Bitcoin futures ETF, ProShares Bitcoin Strategy ETF, is close to 50% of GLD options trading volume.

“Guess #DropGold campaign worked,” investor and analyst Kevin Rooke (Kevin Rooke) Add to, And noticed that GBTC “flipped” GLD in terms of AUM.

Grayscale points to “political” participation approved by spot ETFs

As Cointelegraph ReportAccording to the approval of U.S. regulators, GBTC itself will be converted to ETF as early as the summer of 2022.

related: ProShares Bitcoin Futures Fund ranks in the top 2% of all ETF trading volume

in a interview On CNN this week, Grayscale CEO Michael Sonnenshein appeared calm on the intense topic of regulatory approval of Bitcoin spot ETFs. The first decision will be made next week.

Gary Gensler, chairman of the US Securities and Exchange Commission, remains tight-lipped about the potential of the watershed moment.

“However, it is interesting that now this is not just a regulatory issue; it has become a political issue,” Sonnenshein told the Internet.

“Last week, we actually saw bipartisan support for the Bitcoin spot ETF. Representatives Emmer and Soto submitted a letter to Chairman Gensler, actually calling for approval of the Bitcoin spot ETF, and really wanted to make sure that there was one. In a level playing field, investors choose between their choice of futures products or spot products.”

However, futures ETFs have received subtle criticism Be despised Since October, from other institutional sources.

“We have now seen the approval of the first ETF based on Bitcoin futures. This is a very important moment for our industry and something we are all very excited about,” he added.

“But as people studied this in depth, they began to realize that for investors looking for Bitcoin exposure in their portfolios, the built-in rollover cost and some other functions in futures products may not actually be best choice. .”

Bitcoin ETF approval schedule.Source: Arcane Research