On May 6, 2025, Bitcoin ETFs in the US continued their strong upward trend, attracting over 1.8 billion USD in cash flow last week, while gold ETFs saw net cash withdrawals. Is Bitcoin replacing gold as a safe-haven asset? Let's analyze in detail.
Cash Flow Into Bitcoin ETF: Breakthrough Last Week
According to data from CoinGlass, funds #ETFbitcoin in the US attracted over 1.8 billion USD in the week from April 28 to May 4, starting from April 17. Notably, Thursday and Friday recorded 423 million USD and 675 million USD respectively, with Friday being the day with the highest cash flow of the year. Reports from CoinShares indicate that cash flow into Bitcoin ETFs far exceeds Ethereum by more than 10 times, while BlackRock's iShares fund leads with a net cash flow of 2.56 billion USD. In contrast, Ark 21Shares Bitcoin ETF lost 458 million USD, showing a strong polarization among funds.
Bitcoin Replaces Gold: Investor Trends
Strong cash flow into Bitcoin ETFs occurred as gold ETFs saw net withdrawals of 1.941 billion USD during the same period (April 28 - May 2), creating a gap of 3.7 billion USD compared to Bitcoin – similar to the previous week (4 billion USD). Robert Mitchnick, BlackRock's Digital Assets Director, stated at Token2049 Dubai that 'Bitcoin ETF cash flow is returning strongly.' He noted that initially, retail investors led, but now institutions and consulting firms are taking a significant share.
Mitchnick believes the allure of Bitcoin ETFs comes from their increasingly similar role to safe-haven assets, uncorrelated with currency risk from the US. This aligns with the trend of investors moving away from US assets as bond yields rise due to the unstable tariff policies of the Trump administration.
Bitcoin Increases Market Dominance
Bitcoin's dominance rate currently reaches the highest level in 4 years, while major altcoins like Ethereum (1,800 USD), Solana (149 USD), and Dogecoin remain below their January peaks. This reflects investors prioritizing Bitcoin during market volatility. However, the possibility of ETF approval for $XRP and Dogecoin by the end of this year could balance the situation. Nevertheless, the experience of $ETH – with ETFs already operating but only attracting 149.2 million USD last week – indicates that Bitcoin still holds the advantage.
Impact on the Crypto Market
The growth of Bitcoin ETFs brings many positive signals:
Increase institutional confidence: Cash flow of 1.8 billion USD last week, along with #BlackRock leading (2.56 billion USD), shows that institutions like Cardone Capital (buying 350 BTC) and GameStop (4.7 billion USD preparing to buy BTC) are ramping up investment.
Replacing gold: With cash flow withdrawn from gold (1.941 billion USD), Bitcoin reinforces its role as 'digital gold,' supporting prices (94,800 USD, preparing to reach 120,000 USD according to Standard Chartered).
Supporting altcoins: The growth of Bitcoin may pull up altcoins like XRP (2X leveraged ETF about to launch) and Ethereum (upcoming upgrade Fusaka).
Future Prospects
This trend occurs as US bond yields rise and the USD weakens (USDX hit a low of 97.9 on April 21, 2025), creating conditions for Bitcoin as an alternative asset. With crypto fund cash flow reaching 3.4 billion USD last week, the market is on a strong recovery path.
Conclusion: Will Bitcoin ETFs Reshape the Market?
Bitcoin ETFs attracted 1.8 billion USD last week, far surpassing gold (withdrawn 1.941 billion USD) and Ethereum (149.2 million USD), affirming its position as a safe-haven asset. The increasing participation of institutions and the highest dominance rate in 4 years indicate that Bitcoin is leading the market. Investors should closely monitor to capitalize on opportunities from this trend.
Risk warning: Crypto investment carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating. #anhbacong