$2.4 billion outflows in Gold as Bitcoin ETFs hit records

Bitcoin spot ETFs have attracted billions of dollars as a result of their approval in the USA, yet despite the inflationary environment, there have been billions of dollars withdrawn from gold ETFs. According to analysts, gold may eventually lose its position as “the world’s primary store of value” to Bitcoin.

$2.4 billion outflows in Gold as Bitcoin ETFs hit records

While Bitcoin ETFs are still receiving a lot of attention from all over the world, ETC Group, stated that in the long term, Bitcoin could steal gold’s role as a “store of value”.

“The role of US ETFs is huge…”

Andre Dragosch, head of research of ETF Group, which has been providing ETP and ETF services to corporate companies since 2003, stated that there is a clear conflict between gold and Bitcoin ETFs:

“These numbers may be early signals that Bitcoin could steal its status as a store of value from gold. Most of the recent investments in Bitcoin ETFs come from American ETFs. “These ETFs have a huge role in Bitcoin’s upward movement.”

Gold see big outflows

While the Bitcoin ETFs, which are among the top 10, have received a net investment of $3.9 billion since the beginning of the year, the outflows in Gold are notable. According to the research of cryptocurrency investment firm Ryze Labs, Gold ETFs experienced $2.4 Billion outflows since the beginning of the year.

Furthermore, according to Andre Dragosch, Bitcoin ETFs could surpass gold ETFs in two years if prices increase like this.

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