Gold-backed ETFs see outflows as Bitcoin gains investment demand

Reminiscent of 2019, the debate between gold and Bitcoin rages anew as the two assets see a stark contrast in investment demand. In January, the Securities and Exchange Commission, in a long-awaited move, approved the launch of 11 spot Bitcoin-backed exchange-traded products. At the same time, global gold-backed ETFs have seen investment outflows of more than $3 billion since the start of the year.

Specifically, SPRD Gold Shares (NYSE: GLD), the world’s largest gold-backed ETFs has led the exodus in the precious metals market

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Bitcoin Market Cap Surpasses $1 Trillion as ETFs Attract Massive InvestmentsBitcoin's market capitalization reaches $1 trillion as U.S. spot Bitcoin ETFs attract significant investments, according to Thomas Fahrer, Co-founder of Apollo. The ETFs have drawn approximately $2.2 billion, surpassing the initial four weeks following their launch. Despite challenges, Grayscale remains a market leader.
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