After trading for just a week, bitcoin ETFs have exceeded silver ETFs in the U.S. in terms of assets under management.

"Bitcoin ETFs have exceeded silver ETFs in the U.S. in terms of size, driven by the substantial market interest they have received," Bitfinex Head of Derivatives Jag Kooner told The Block, adding that pent-up demand for bitcoin has played a crucial role in propelling the digital asset ahead of silver in AUM terms.

Silver was previously the second-leading single commodity ETF in terms of AUM in the U.S. However, spot bitcoin ETF funds, including the conversion of Grayscale's GBTC trust, now hold approximately 647,651 bitcoin, which amounts to $27.5 billion in AUM, according to CC15Capital.

According to data from Coinglass, the Grayscale Bitcoin Trust ETF (GBTC) …