A Bitcoin ETF has reached the $3 billion milestone, outpacing the debut of a gold ETF, and the meme coin is generating a lot of buzz.

adminFebruary 15, 2024

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The US Bitcoin Spot ETF has reached an impressive milestone, surpassing $3 billion in net flows just one month after launch. This performance surpasses the initial performance of gold ETFs introduced 20 years ago. Notably, the figures include Grayscale’s funds, which have experienced outflows as long-term investors shift their focus to newer, more competitive options.

Excluding Grayscale, inflows are close to a whopping $10 billion, according to data from BitMEX Research. At last count, inflows into other Bitcoin spot ETFs have exceeded $9.6 billion.

Bloomberg ETF analyst Eric Balchunas highlighted in a Twitter post that it took nearly two years for the GLD ETF to raise the same amount of capital that the Bitcoin ETF gained in just 32 days.

Launched on November 18, 2004, the SPDR Gold Shares ETF (GLD) quickly surpassed $1 billion in assets in just three days of trading. However, after this initial surge, trading volume declined significantly and gold ETF holdings remained stagnant at less than 10 million ounces for about a year.

Nonetheless, GLD is often credited with sparking a multi-year gold bull market, with the price of gold rising from $400 per ounce at launch to $1,800 in 2011 (the current spot price is around $2,000).

Bitcoin, by contrast, has already surpassed $50,000 and hit a two-year high following the introduction of its own ETF, which has experienced significantly higher capital inflows. Surprisingly, about half of these net inflows have occurred in the last three days, averaging about $450 million per day. On Monday alone, there were $493 million in inflows, making it the third most inflow day since the ETF launched.

A significant factor in the recent surge is the slowing of outflows from Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin fund. Many investors began selling GBTC stock last month to close out long-term arbitrage after Grayscale converted to an ETF.

Others likely sold their shares to switch to new, much cheaper ETFs from BlackRock, Fidelity, and others. These new funds continue to attract investors, with net flows now approaching $10 billion, excluding Grayscale, according to BitMEX Research.

The Bitcoin ETF currently holds over $30 billion in assets, or nearly 690,000 BTC, making it the second-largest ETF product in the United States. As reported by VettaFi, gold remains the leader with $90 billion in assets, including $54 billion within GLD alone.

Smog: New Solana Meme Coin on the Horizon

Smog is the latest meme coin to make waves in the Solana ecosystem. Following in the footsteps of notable predecessors like Honk, Bonk, Myro, and Dogwifhat, Smog is gearing up to carve a niche for itself in the meme coin space. The Smog team is planning a large-scale airdrop to increase visibility and attract a larger audience.

The exact details of the airdrop remain secret, but it is known that 35% of Smog’s total supply has been allocated to these events. This is the position of the airIt has gone down as one of the most important things in the cryptocurrency world.

Smog isn’t just about airdrops. It’s also about building vibrant communities. The project is using a unique Zealy campaign to encourage token ownership and engage early investors. These early backers can earn points by accessing exclusive groups where they can engage in interactive quests on platforms like Discord or X. This strategy aims to foster active community engagement and reward dedicated supporters.

The ultimate goal of these initiatives is to promote Smog buzz within the Solana Meme Coin ecosystem. With strong community support and innovative engagement strategies, Smog has the potential for next-generation growth in the cryptocurrency industry while delivering significant returns to investors.

To stay up to date on Smog and its journey, visit the official website and explore opportunities to get involved in this exciting new venture.