In the eyes of investors, ** seems to be losing its usual aura. In 2024, exchange-traded** (ETFs), one of the world's oldest and most reliable stores of wealth, experienced massive outflows, while new spot Bitcoin (BTC) ETFs continued to attract inflows.
According to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, in an article released on Wednesday, 11 of the 14 major ETFs have outflows totaling more than $3 billion so far in 2024, Zhitong Finance APP has learned. And in terms of capital inflows, there are only three products – Vaneck Merk Gold Shares (OUNZus)、ft vest gold strategy target income etf(igld.US) and ProShares Ultrashort Gold (GLL.).US) – a total increase of $23.1 million. Among them, SPDR Gold Shares (GLDUS) suffered the largest outflow, nearly $2.4 billion.
Although Balchunas said that it cannot be assumed that all of these funds withdrawn from the **ETF have been diverted to spot Bitcoin ETFs. "I don't think these people are moving to Bitcoin ETFs (probably just a small fraction), but crypto proponents may see this narrative as an attempt to soften the blow felt by *** supporters," he said. "At the same time, staunch anti-bitcoin activists like Peter Schiff, who have long shunned Bitcoin and insisted that it is only a popular moment, may need to reassess their stance.
Some analysts have pointed out that the inflow of funds obtained by bitcoin seems to be at the expense of the outflow of funds from **ETF. Meanwhile, James Butterfill, head of research at Coinshares, said that at least some of the ETF's outflows may be flowing into Bitcoin ETFs.
Lyn Alden, founder of Lyn Alden Investment Strategy, said: "** has long been a reliable 'safe haven' for money, but I would be uneasy if I only held ** and not Bitcoin for hedging. Alden then clarified that he also doesn't support just holding Bitcoin without holding any physical assets. He believes that Bitcoin is best suited as a global liquid emergency currency, while physical property, goods and goods are suitable for domestic use, and growth and income.
According to Farside, Bitcoin ETFs recorded a total of 3$400 million in inflows, bringing the total inflows since January 11 to 41$1.5 billion. Since the launch of the Bitcoin ETF, Bitcoin has risen from $47,000 to $52,000, an increase of more than 10%, and has risen by 23% since January 1.
In stark contrast to this is the performance of **. From a spot** of approximately $2,066 on January 1 to a trade** of $2,033 on January 11. At press time, the transaction was 2,003$43, which means that it has been nearly 3% since the beginning of the year, and more than 1% since the launch of the spot Bitcoin ETF5%。
This article is from: Zhitong Financial Network.