Advertisement
AD

Main navigation

Bitcoin ETFs Leaving Gold in the Dust

Advertisement
Tue, 13/02/2024 - 15:02
Bitcoin ETFs Leaving Gold in the Dust
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents
Advertisement

Bitcoin ETFs are rapidly outpacing gold, a traditional investor favorite, with net cumulative flows for the ten Bitcoin ETFs, including GBTC, doubling in the past three days to over $3 billion. 

This acceleration is significant when compared to the nearly two years it took for the gold ETF to reach this milestone. 

The data, which was shared by Eric Balchunas of Bloomberg, shows a burgeoning interest in cryptocurrency investment vehicles. 

The Nine Bitcoin ETFs alone are nearing a staggering $10 billion in flows, signaling a seismic shift in investment preferences towards digital currencies over traditional precious metals.

Surging popularity of Bitcoin ETFs

The surge in Bitcoin ETF investments is not just a testament to the growing acceptance of cryptocurrencies as a legitimate asset class but also reflects the innovative appeal of Bitcoin ETFs to both retail and institutional investors. 

IBIT, for instance, now ranks fourth in overall year-to-date flows among 3,400 ETFs, rubbing shoulders with heavyweights like VOO, IVV, and QQQ. 

Related
'Rich Dad Poor Dad' Author Kiyosaki Warns: Prepare for 70% Collapse of S&P500

FBTC also makes a notable entry at seventh. These rankings, remarkable for their indication of investor enthusiasm, suggest a broadening base of support for cryptocurrency investments, even considering some assistance from GBTC inflow, which, as Balchunas points out, constituted only a fraction of their intake.

Gold losing its luster 

On the flip side, gold prices have experienced a downturn, following a warmer-than-expected U.S. inflation report. 

The data, which could influence the Federal Reserve's interest rate decisions, has pushed investors away from gold, traditionally seen as a safe-haven asset during economic uncertainty. 

In early U.S. trading, gold and silver prices dropped to near their daily lows, with April gold last down $4.50 at $2,028.70, and March silver down $0.147 at $22.61. 

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles