BlackRock Bitcoin Spot ETF's Inflows Surpass World's Largest Gold Fund This Year
Despite Bitcoin's 3.8% increase this year being far inferior to gold's 29% surge, BlackRock's spot Bitcoin ETF (IBIT) still ranks sixth in the US ETF fund list with a net inflow of $6.96 billion, surpassing the world's largest gold ETF (GLD) with $6.5 billion. This phenomenon indicates institutional investors' continued optimism about the long-term value of cryptocurrencies. Gold has benefited from geopolitical tensions and inflation concerns, reaching $3,384 per ounce, while Bitcoin has fallen more than 10% from its historical high in January. Analysts point out that the continued inflow of funds during the price weakness phase confirms Bitcoin's asset allocation value as "digital gold," and it is expected that within 3-5 years, the scale of BTC ETFs will reach three times that of gold ETFs. (CoinDesk)
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