Bitcoin ETFs Poised to Overtake Gold ETFs in Asset Holdings

US spot Bitcoin ETFs could see their assets under management triple that of gold ETFs within three to five years, according to Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence. This prediction is based on the significant growth in assets under management (AUM) for Bitcoin ETFs since their launch in January 2024.

The Bitcoin ETFs have accumulated approximately $120 billion in total AUM within 18 months, with net inflows surpassing $38 billion by mid-2025. In contrast, gold ETFs took over a decade to reach comparable asset levels. The first gold ETF, SPDR Gold Shares (GLD), debuted in 2004 and it took roughly 22 years for gold ETFs collectively to hit milestones that Bitcoin ETFs are approaching in a fraction of the time.

Balchunas draws a parallel between Bitcoin and gold as non-yielding assets, whose prices are driven almost entirely by market sentiment, macro uncertainty, and the collective belief that they serve as hedges against inflation or systemic risk. Interestingly, investors are buying both Bitcoin and gold ETFs, with combined inflows of $7 billion over just five trading days in August 2026.