Bitcoin and Gold ETFs Attract Record $7 Billion in 'Debasement Trade'
Bitcoin's resurgence is gaining momentum as investors flock to hard assets like gold and Bitcoin. According to data from CoinGecko, U.S. spot Bitcoin ETFs have attracted a staggering $2.8 billion over eight consecutive trading sessions.
The majority of this demand has gone into BlackRock's iShares Bitcoin Trust ETF (NASDAQ:IBIT), which captured about 72% of the total inflows with $2.02 billion in investments.
Gold and Bitcoin have become increasingly attractive to investors, challenging AI-linked funds for dominance. Bloomberg senior ETF analyst Eric Balchunas notes that gold and Bitcoin ETFs collectively attracted a record $7 billion in just five days, making them the 'debasement trade' of choice.
This trend is not surprising given the recent surge in prices near the $80,000 level. However, momentum may be cooling as daily ETF inflows have fallen from $606.3 million on August 20 to $232.2 million on Wednesday.