Paradigm Shift in Investment Behavior
The US ETF market is witnessing a significant paradigm shift: investors are massive withdrawing capital from gold funds and increasingly investing in Bitcoin ETFs. Over the past five weeks, more than $9 billion has flowed into Bitcoin, particularly into the iShares Bitcoin Trust (IBIT) from BlackRock. At the same time, gold-backed funds lost more than $2.8 billion.
Bitcoin as an Alternative to Digital Gold
This shift reflects a growing perception of Bitcoin as a serious alternative to traditional “digital gold.” Against the backdrop of increasing concerns about the stability of US public finances, the digital asset is gaining attractiveness. Recently, Bitcoin reached an all-time high of around $111,980.
Expert Opinions and Market Potential
Experts continue to see both asset classes – gold and Bitcoin – as important hedges against currency devaluation in the G7 area. While gold traditionally performs well during geopolitical tensions, Bitcoin benefits from a loss of trust in the financial system due to its decentralized structure. Incidents like the bankruptcy of Silicon Valley Bank in 2023 and political uncertainties underscore this trend.
Market Capitalization and Investor Interests
Although the market capitalization of gold currently still significantly exceeds that of Bitcoin – about 13 times higher – developments in the ETF market show a significant shift towards cryptocurrencies.
In summary, it can be said:
- More than $9 billion flowed into Bitcoin ETFs within a few weeks, while gold funds lost over $2.8 billion.
- Bitcoin’s role as “digital gold” is favored by its decentralization.
- Experts are bullish on both assets; gold has advantages in geopolitical crises, while Bitcoin excels in financial system risks.
- The market capitalization is still gold-heavy, but interest in cryptocurrencies is growing.
This trend could mark a sustainable shift in the portfolio allocation behavior of institutional investors in the long run.