Bitcoin spot ETF inflows increase amid net outflows for gold-backed funds

Substantial inflows into global bitcoin exchange-traded products, including the recently approved U.S.-based exchange-traded funds, could, in the long term, threaten gold's position as the world's primary store-of-value, an analyst said.

The analyst added that the large majority of new investments overall into bitcoin appear to be related to investments into U.S.-based ETFs. "There is an increasing importance of those new ETF flows for bitcoin’s overall performance," he said. According to The Block's data, last Thursday saw ETF inflows totaling $389.55 million versus an outflow of $168 million. In the past week, BlackRock's iShares Bitcoin ETF secured the largest share of inflows, with the fund receiving $224.3 million last Thursday alone.

"This trend reinforces our confidence in bitcoin's dual role as both a 'risk-on' investment and a reliable safe-haven asset; we continue to believe that bitcoin will outperform gold in both market conditions," the Ryze Labs analysts said in an email sent to The Block.

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