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Bitcoin BTC

Spot Bitcoin ETF Flows Flip Gold: A Mega Capital Rotation In Progress?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The recent launch of spot Bitcoin ETFs (Exchange Traded Funds) has sparked a surge in investment, with capital flows surpassing gold ETFs over the past two weeks, according to Bitwise CIO Matt Hougan. 

Spot Bitcoin ETFs Draw More Capital, Flip Gold ETFs

In a post on X, Huogan notes that Bitcoin ETFs attracted $1.7 billion in the first 14 trading days, compared to $1.3 billion for gold ETFs. This trend may suggest a shift in investor preference, with some viewing Bitcoin as a digital alternative to traditional safe-haven assets.

Even so, when adjusted for inflation, gold flows remain slightly larger. However, it is worth noting that Bitcoin ETFs were launched when gold had established its presence in the market, becoming a store of value asset for the better part of human history.

Related Reading: Hackers Behind $400 Million FTX Breach Have Been Exposed

Analysts responding to Hougan’s comparison also note that the figure could have been higher. Over the past few weeks, since the launch of spot Bitcoin ETFs, Grayscale Investment has been liquidating its Grayscale Bitcoin Trust (GBTC), offloading billions worth of BTC.

Grayscale Investment is actively unwinding its GBTC trust, converting it to an ETF. Therefore, the CIO notes that excluding GBTC, spot Bitcoin ETFs saw a net inflow of $7.1 billion over the last two periods, significantly exceeding gold. 

According to Lookonchain data, GBTC sold 5,086 BTC worth over $218 million as of February 1. At the same time, eight spot Bitcoin issuers scooped 8,907 BTC worth over $382 million.

Out of this amount, Fidelity bought 5,422 BTC. Fidelity controls over 59,000 BTC, coming second after BlackRock, whose fund has bought over 66,200 BTC as of February 1.

GBTC sells more coins | Source: Lookonchain via X
GBTC sells more coins | Source: Lookonchain via X

Writing On The Wall For Gold?

This rapid shift is monumental. It notably highlights Bitcoin’s potential to disrupt the traditional investment landscape and spots Bitcoin ETFs. Over the years since launching, Bitcoin has grown to command a market cap of over $840 billion, data from CoinMarketCap shows. 

Related Reading: Could Tether Topple The Crypto Kingdom? JPMorgan Thinks So

Supporters are accumulating Bitcoin, citing its deflationary nature and long-term growth potential. Data from Bitcoin Treasuries shows that some public companies like MicroStrategy, Tesla, and Square hold millions and billions of dollars in the coin.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

Bitcoin is firm but wobbling when writing, moving sideways, as evidenced by the daily chart. Bulls have failed to break above $47,000 and $50,000, with the odds of further losses below $39,500 rising.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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