While money is flowing almost immediately into Bitcoin spot exchange-traded funds (ETFs), gold ETFs are seeing a significant decline.
The naming of Bitcoin as digital gold and the spot ETF approval from the USA on January 10 significantly reduced the interest in gold ETFs.
According to data, the two largest gold ETFs such as SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have witnessed net asset outflows of $2.6 billion and $507 million respectively since January 10. Both funds previously saw millions of dollars in inflows in December, before spot Bitcoin ETFs were approved.
On the other hand, in the last 1-month period, which saw outflows from the two largest gold funds, spot Bitcoin ETFs managed to collect a total of 11 billion dollars, led by giant companies such as BlackRock and Fidelity.
Bloomberg's senior ETF analyst Eric Balchunas, in his statement on the subject, emphasized that the outflow from gold ETFs is clearly seen, but those who left probably did not buy spot Bitcoin ETFs:
"It's not a great situation right now in the gold ETFs category. Of course, I don't think these are people moving into Bitcoin ETFs (maybe a little bit like that), but rather I think it could turn around given the new economic data."
Evaluating the relationship between gold and Bitcoin ETFs, Blockstream CEO Adam Back recently stated that if investors exiting gold turn to Bitcoin, the price could rise up to 700 thousand dollars.
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I EXPLAIN IN DETAIL.
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