The Bitcoin ETF market has blossomed, while gold ETFs have been hemorrhaging assets at “an astonishing rate.”

Exchange-traded funds (ETFs) that track gold have lost billions of dollars in outflows in 2024. Bitcoin The ETF has collectively seen significant inflows since its launch in the US on January 11.

“Not only is Bitcoin siphoning off funds, but gold is hemorrhaging AUM from many ETFs at an alarming rate.” I left a comment. Portfolio Manager Bitcoin Munger.

Bitcoin ETF inflows could approach $4 billion in 2024 as gold ETFs struggle.

The 14 major gold ETFs have seen outflows of $2.4 billion so far in 2024, Bloomberg Intelligence analyst Eric Balchunas wrote in a Feb. 14 post. This stands in stark contrast to the 10 approved spot Bitcoin ETFs, which have seen a total of $3.89 million in inflows so far this year, according to preliminary reports. data In Farside.

Meanwhile, things are looking pretty bad in the gold ETF category right now… @SirYappityyapp From the weekly flow notes just published: pic.twitter.com/C0T17JZpiA

— Eric Balchunas (@EricBalchunas) February 14, 2024

VanEck Merk Gold Shares, FT Vest Gold Strategy Target Income ETF and Proshares UltraShort Gold were the only gold ETFs to see modest inflows this year. Black Rocks iShares Gold Trust Micro and iShares Gold Trust recorded the highest outflows at $230.4 million and $423.6 million, respectively.

BTC price surges as gold price falls to 2-month low

In addition to the change in trends, gold prices also fell. Bitcoin Prices have been strong since the beginning of the year. gold It has fallen 3.4% since the beginning of 2024, falling to a two-month low of $1,993 per ounce on February 14.

On the other hand, Bitcoin rapidly increase It rose more than 23.5% during the same period and hit a two-year high of $52,483 on the same day.

The World Gold Council said in a February 7 report that outflows from global gold ETFs and “reduced speculative positioning” were the main reasons for gold’s poor performance.

“This has added to the headwinds of rising Treasury yields and the US dollar as US economic strength has risen sharply and hopes for an early monetary policy cut have been dashed,” he said.

Last November, ARK Investment Management’s Cathie Wood said Bitcoin was a better deflation hedge than gold or cash.

“Bitcoin is a hedge against both inflation and deflation because there is no counterparty risk and very little institutional involvement,” Wood said on Bloomberg’s “Merryn Talks Money” podcast. “It’s digital gold.”

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