The price of gold has shot up nearly 45% since February 2024 to $2,927.10 per ounce according to gold.org, but Bloomberg exchange-traded fund (ETF) Analyst Eric Balchunas says “No one cares,” in a post on X. Indeed, gold ETFs have virtually stalled within that same timeframe, while spot bitcoin ETFs have amassed more than $40 billion in net inflows and over $110 billion in total assets, according to data from sosovalue.com. Conversely, gold ETFs have seen North American net inflows trickle to a paltry 2.17 tons or $203 million over the past 12 months, according to data from Macro Micro. “ Gold has been on fire, a near record start to [the] year and up 45% in [the] past 12 months,” Balchunas said. “Yet no one cares. Virtually no flows coming in. Most likely theory is that bitcoin ETFs have stolen all their thunder (and dollars),” he added.
Bitcoin ETFs Steal Gold's Shine
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