Bitcoin exposure has never been more attractive than it is now

Grayscale, a company that specializes in investing in crypto-related funds, currently has more assets under management (AUM) under management than the world’s largest gold fund.

follow data As the company’s newest company, Grayscale now controls more than $ 60 billion – $ 1.7 billion more than flagship gold fund SPDR Gold Shares (GLD).

Bitcoin exposure is extremely hot

Grayscale’s flagship Bitcoin product, Grayscale Bitcoin Trust (GBTC), has 646,000 BTC valued at approximately $ 41.75 billion as of November.

The metrics add to the debate. Gold is a store of value and an inflation protection against Bitcoin as inflation rises across the US and global economies.

With gold proving to be inferior to the crypto king, getting involved in Bitcoin is probably never as attractive as it is now.

GBTC Price, Stocks and Spread Chart | Source: Coinglass

According to Bloomberg analyst Eric Balchunas, this week, one month after the introduction of the first Bitcoin Exchange Traded Funds (ETFs), the trading volume is “huge”.

The first licensed US Bitcoin futures ETF, the ProShares Bitcoin Stategy ETF, is approaching 50% of the option volume compared to the GLD value.

“I think the move away from gold worked,” investor and analyst Kevin Rooke Say more, note that GBTC has “overtaken” GLD in terms of AUM.

Politics participates in the approval of spot ETFs

As reported, GBTC is slated to convert to an ETF as early as the summer of 2022, subject to US regulatory approval.

In one interview Speaking to CNN this week, Grayscale CEO Michael Sonnenshein was calm about the tense issue of spot Bitcoin ETF approvals and that a first decision will be made next week.

Gary Gensler, chairman of the Securities and Exchange Commission (SEC), remained a secret.

“It is interesting, however, that this is no longer just a legal issue, but a political one. Last week we saw really bipartisan support for a spot bitcoin ETF when Congressmen Todd Emmer and Darren Soto sent a letter to the chairman of Gensler to convince him to approve a spot bitcoin ETF. At the same time, they really want to ensure that investors have a level playing field to choose between a futures-based product or a spot product. “

However, ETF futures have been criticized by institutions since October.

“First Bitcoin Futures-Based ETF Approved. This is a really important moment for the industry that we are all very much looking forward to.

But when people researched the subject, they find that the overheads and some other characteristics of futures products may actually not be optimal for the investor looking for a way to add Bitcoin to their portfolio. “

Bitcoin ETF Approval Process | Source: Arcane Research

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Minh Anh

According to Cointelegraph

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