Bitcoin ETFs Attract Over a Billion Amid Gold Outflows
- US spot Bitcoin exchange-traded funds saw $1.32 billion in net inflows in March.
- US-based gold ETFs experienced $2.92 billion in net outflows during the same period.
- On March 4, GLD, the largest US gold-backed ETF, recorded a $3 billion outflow, marking its steepest single-day withdrawal in over two years.
- Bitcoin was trading at $66,889, down by approximately 7.35% over the prior month.
- Bitcoin is perceived as a multi-purpose asset with varied investor use cases compared to gold’s traditional role as an inflation hedge.
March data highlights contrasting trends between Bitcoin and gold ETFs, with significant inflows into Bitcoin funds and substantial outflows from gold funds. This shift suggests growing interest in Bitcoin’s diverse portfolio roles beyond just being a store of value.
Despite differing ETF flows, both Bitcoin and gold prices fell last month, indicating market volatility affecting both assets similarly (Source )
