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Exchange-traded funds (ETFs) that track gold have lost billions in outflows in 2024, while spot funds bitcoin The ETFs have collectively seen substantial inflows since their launch in the US on January 11.
“Not only is bitcoin sucking up funds, but gold is losing assets under management at an alarming rate across many ETFs.” commented bitcoin Munger portfolio manager.
<img decoding="async" alt="Gold vs bitcoin: Is one better than the other?” src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-ETF-Market-Booms-While-Gold-ETFs-Hemorrhage-Assets-at.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-ETF-Market-Booms-While-Gold-ETFs-Hemorrhage-Assets-at.jpg" alt="Gold vs bitcoin: Is one better than the other?”/>
bitcoin ETF Inflows Near $4 Billion as Gold ETFs Suffer in 2024
The top 14 gold ETFs have seen outflows of $2.4 billion so far in 2024, Bloomberg Intelligence analyst Eric Balchunas said in a Feb. 14 X post. This is in stark contrast to the 10 approved spot bitcoin ETFs, which have seen total inflows of $3.89 million so far this year, according to preliminary data. data from Farside.
Meanwhile, the current outlook is pretty bad in the gold ETF category… via @SirYappityyapp in our newly published weekly flow note 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 that had smaller inflows this year. BlackRock's iShares Gold Trust Micro and iShares Gold Trust recorded the largest outflows of $230.4 million and $423.6 million, respectively.
btc price rises as gold falls to two-month low
In addition to the change in flows, the price of gold has also fallen, while the bitcoin The price has been in an uptrend since the beginning of this year. Gold It has lost 3.4% since the beginning of 2024 and plummeted to a two-month low of $1,993 per ounce on February 14.
bitcoin, on the other hand, has bitcoin“>arose more than 23.5% during the same period and was able to reach a two-year high of $52,483 on the same day.
Global outflows from gold ETFs and a “reduction in speculative positioning” were the main contributors to gold's lackluster performance, the World Gold Council said in a Feb. 7 report. report.
“Added to this was headwinds from higher Treasury yields and the US dollar, as US economic strength sharply surprised to the upside and hopes for early monetary policy cuts faded,” he said. .
In November, ARK Investment Management's Cathie Wood said bitcoin is a better hedge against deflation than gold or cash.
“bitcoin is a hedge against inflation and deflation because there is no counterparty risk and institutions barely participate,” Wood said, speaking on Bloomberg's “Merryn talks about money” podcast. “It's digital gold.”
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