Bitcoin spot ETFs in the United States have collectively breached $3 billion in net flows roughly one month after birth, blasting past the performance of gold ETFs when they were launched 20 years ago. This milestone comes even inclusive of Grayscale’s fund, which has seen only outflows as long-term investors cash out—many likely moving to competitive offerings.

Excluding Grayscale, inflows are closing in on $10 billion, according to data from BitMEX Research. As of late Monday, inflows across those other Bitcoin spot ETFs tallied more than $9.6 billion worth.

In a Tuesday Twitter post, Bloomberg ETF analyst Eric Balchunas said it took the GLD ETF “nearly two years” to absorb the same capital as Bitcoin ETFs have in the past 32 days.

After going live on November 18, 2004, SPDR Gold Shares—which trades on the NYSE under the GLD ticker—surpassed $1 billion in assets within three days of trading. Volumes slid dramatically after that however, and total known ETF holdings of gold flattened just short of ten million ounces for about one year, Bloomberg data shows.

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Author: Andrew Throuvalas

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