jakiro
Author: Ben Strack, Blockworks Translation: Shan Ouba, Bitchain Vision Realm
Although observers in the industry pointed out that the trend of capital flow may slow down over time, the size of the Bitcoin Fund’s assets may exceed 90 billion US dollars in the gold ETF market.
As Bitcoin ETF continued to flow in about six weeks after launching, investor funds have withdrawn from the Gold Fund -although some people think that this flow relationship is unlikely to continue.
Although analysts predict that the Bitcoin ETF assets may exceed the assets in the Gold Fund, industry observers point out that these two industries are not directly related.
10 spot Bitcoin funds listed on January 11 have net inflow of about 5.5 billion US dollars.
At the same time, according to ETF.com’s data, from that day,>The SPDR GOLD Shares (GLD) and Blackrock (IAU) of the SPDR GOLD Shares (GLD) and Bladiers (IAU) of the largest gold ETFNet flowing out.
Bloomberg Information analyst Eric Balchunas and Andre YApp said: “Although gold cash may rarely enter the Bitcoin ETF, their existence and around the new fundThe enthusiasm -from many aspects, this is the most successful launch in history -increasing competition for this metal.
COINSHARES data shows that the interest in the American spot Bitcoin ETF has promoted the net inflow of cryptocurrency investment products for the fourth consecutive week.Although GrayScale Investments’s Bitcoin Trust ETF (GBTC) has flowed out for a week, about $ 430 million, this category still records a net inflow of $ 598 million last week.
The flow of gold and Bitcoin is directly related?
Bryan Armor, director of passive strategy research at Morning Star Company, said that he was not willing to “directly draw the boundaries” between the capital flow of Bitcoin ETF and the Golden ETF.He added that these two assets represent a completely different investment.
ARMOR told BlockWorks: “Gold may have an outflow of funds because the expected interest rate cut has changed, or the market is further turning to risk preference model.”
“If the market risk increases, I expect the trend of capital flow to reverse,” he added.”Bear market may cause investors to turn to high -quality assets, and investors to avoid risks, which will damage the flow of Bitcoin.”
Fineqia International research analyst Matteo GRCO said he expects the opposite flow trend between Bitcoin funds and gold will eventually stop in the long run.
He pointed out that although some investors regard Bitcoin as digital gold, so they choose to transfer funds from gold ETF to Bitcoin ETF, but gold is still the insurance assets of many investors.
GRECO said: “I expect this trend to gradually slow down over time. Gold will maintain its respected position. In the long run, Bitcoin will attract more and more investment and recognition.””I think it is more of the net inflow of Bitcoin ETF, not a complete alternative from gold to BTC.”
Will the asset scale of Bitcoin ETF exceed the Gold Fund?
Although GBTC is converted to more than $ 7.4 billion since ETF, it is still the largest in this category, with a management asset of nearly 22.8 billion US dollars.
The Ishares Bitcoin Trust (IBIT) and Fidelity of BlackRock (IBIT) have approximately US $ 6.6 billion and $ 4.7 billion in assets, respectively.
Bitcoin ETF has now managed nearly $ 38 billion in assets.At the same time, Gold ETF holds more than $ 90 billion in assets, of which GLD and IAU account for about $ 54 billion and $ 25 billion, respectively.
GRECO pointed out that the Gold ETF spent several years to attract the level of traffic similar to the spot Bitcoin ETF.After the long -awaited Bitcoin ETF was approved by the regulatory agency, these funds ushered in a historic beginning. One month after launch, the assets of IBIT and FBTCs increased to more than $ 3 billion.GLD broke the $ 1 billion asset mark 30 days before the transaction.
GRECO said that as digitalization and ages are expected to become more common, Bitcoin ETF assets may eventually exceed the assets in the Gold Fund.
“If there is no ETF, traditional financial investors will not be able to directly invest in BTC,” he told Blockworks.”Therefore, the impact of this product may be more changeable when the first gold ETF was approved in 2004.”
Balchunas stated in X’s post that the assets managed by Bitcoin ETF are “likely” to surpass the assets of the Gold Fund within two years.
But Ammore said that the assets of Bitcoin ETF subverting Gold ETF are likely to be in a “distant future” -shanding if it really happens.
He pointed out: “I expect the Bitcoin ETF traffic to continue to maintain a positive value, and Bitcoin will rise.” “But to obtain a $ 90 billion asset of Gold ETF, you need to use Bitcoin ETF and continue to perform strongly.”
