Bitcoin (BTC) and the alternative 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 Grayscale, Grayscale now controls over $ 60 billion – $ 1.7 billion more than the flagship SPDR Gold Shares (GLD) fund.
Praise for gray ETFs and futures
Meanwhile, Grayscale’s flagship bitcoin product, the Grayscale Bitcoin Trust (GBTC), contains over 646,000 BTC, worth around $ 41.75 billion as of November 11th.
The figures increase the controversy over gold as a value stock and inflation hedging against bitcoin when inflation seeps into the US and the global economy.
With gold linked to BTC / USD, the temptation to give Bitcoin access to capital will never make more sense.
GBTC price, inventory and highlighted chart. Source: Coinglass
According to Bloomberg analyst Eric Balchonas, a month after the launch of the first Bitcoin Futures Trading Fund (ETF), trading volumes were “large”.
The first Bitcoin futures ETF in the United States, ProShares Bitcoin Strategy ETF, accounts for approximately 50% of the option volume tracked in GLD.
“I guess the #DropGold campaign worked,” added investor and analyst Kevin Rock, noting that GBTC had meanwhile “disappeared” GLD from AUM’s perspective.
Grayscale refers to “political” participation in immediate ETF approval.
According to the Cointelegraph, the GBTC itself should be converted into an ETF subject to approval by US regulators in the summer of 2022.
Related: ProShares Bitcoin Futures Fund ranked as top 2% of all ETFs by volume
In an interview with CNN this week, Grayscale CEO Michael Sonnenchen spoke beautifully about the tense topic of Bitcoin ETF regulatory approval, the first decision to be made next week.
Gary Gensler, chairman of the US Securities and Exchange Commission, remains conservative on the potential for a tipping point.
“But it was interesting to see that it is not just a regulatory issue now; it has become a political issue, Sonninchin told the TV channel.
“Last week we already saw two-party support for the bitcoin website ETF, when representatives Emmer and Soto sent a letter to board chairman Gensler, in which they actually asked for approval of the bitcoin website ETF and really wanted to ensure a level playing field for investors to choose from. what may be a futures product for them or a spot product for them. ”
However, futures ETFs have fallen into a dark line for cash after being despised by other institutional sources since October.
“We are now witnessing the approval of the first ETF based on bitcoin futures, which is a very important moment for our industry and a moment that we all care very much about,” he added.
“But while people were digging into this, they realized that perhaps the built-in roll value and some other features of futures products do not actually make it ideal for investors who want to use bitcoin in their portfolios.”