The SPDR Gold Trust (GLD) ETF, the largest gold-focused fund, experienced a significant outflow of $3 billion last Wednesday, marking its largest daily withdrawal in years. Meanwhile, spot Bitcoin ETFs recorded net inflows of $461.77 million on the same day, their best performance in weeks. An analyst stated gold “is no serious competitor to Bitcoin” in relation to ETF adoption pace, citing comparative inflow data.
The largest U.S. ETF tracking gold, SPDR Gold Trust (GLD), saw a massive outflow of $3 billion on Wednesday. This withdrawal surpassed any previous large daily inflow seen over the last two years by 200% according to data shared by the Kobeissi Letter.
The precious metal’s price dropped by 4.4% that day, its most sizeable correction since a crash in late January. The analyst concluded investors were locking in gains after gold’s historic rally.
Meanwhile, spot Bitcoin ETFs recorded their best day since February 25 on the same Wednesday, with net inflows of $461.77 million. The funds also saw inflows on Monday and Tuesday, but the week ended with net outflows on Thursday and Friday.
Nevertheless, weekly net inflows totaled $568.45 million, marking two consecutive weeks in the green. This followed a five-week streak where over $2 billion was pulled out from the Bitcoin funds.
Analyst Crypto Rover posted a chart comparing ETF adoption. “Gold is no serious competitor to Bitcoin,” he stated regarding the comparative pace of inflows.
