đ¨ Move Over Gold: Bitcoin ETF Just Took Lead as Preferred Hedge
Of late, the US spot Bitcoin ETF products have been outperforming gold. As the flagship coin enjoys a bullish sentiment, the traditional gold appears to be losing its sheen.
Recent price metrics reveal that BTC topped the $96K mark, up nearly 2% over the week. Whereas, goldâs price lost nearly 2% over the last 5 days, at $3,247.40 per ounce.
In line with the bullish trend, BTC ETF products have quietly recorded robust inflows, reaching nearly $2 billion in the past 7 days.
Meanwhile, as per the data from the World Gold Council, the Gold ETFs witnessed substantial outflows during the last week of April across most parts of the globe.
The see-saw dynamic between both assets further implies that a bullish Bitcoin market looms right over the horizon as Gold prices drop gradually.
âIronically, gold and bitcoin are negatively correlated to each other. As the chart below shows, both assets have been taking turns lately, as measured by their Sharpe Ratios,â posted Fidelityâs Global Macro Director Jurrien Timmer on X recently.
According to the latest statistics by SosoValue, U.S. Bitcoin ETF products saw inflows worth $1.81 billion this week.
Data suggests that the exchange-traded products recorded consecutive weekly inflows for the second time this Q2.
During the last week ending April 25, U.S. BTC ETF products had recorded massive inflows of $3.06 billion in inflows, marking the first week of consecutive inflows since March end.
Now, with nearly $2 billion worth of inflows as of the week ending May 2, institutional demand for the flagship crypto appears to be on a notable rise.