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$7 billion flows push Bitcoin and gold ETFs higher over five sessions
Roughly $3.4 billion went to GLD and about $1.5 billion to IBIT, and the inflows coincided with expectations around US Treasury liquidity changes and a weaker dollar.
Gold and Bitcoin exchange traded funds pulled in about $7 billion combined over five US trading sessions, marking a record combined haul as investors sought protection amid currency weakness and rising fiscal concerns, according to CryptoSlate.
The bulk of the inflows went into SPDR Gold Shares (GLD) with about $3.4 billion, while BlackRock’s iShares Bitcoin Trust (IBIT) attracted about $1.5 billion. CryptoSlate noted GLD manages more than $150 billion in assets and IBIT holds around $60 billion, with the two funds accounting for roughly 70% of the combined “debasement trade” inflow.
Bloomberg Intelligence analyst Eric Balchunas said the five day total was easily a record for the pair, with both GLD and IBIT ranking among the 10 biggest US ETFs by weekly inflows. CryptoSlate added that IBIT’s year to date flows had returned to positive territory after recovering from an earlier deficit.
The synchronized buying accelerated as both assets climbed, with Bitcoin moving above $80,000 and gold trading above $4,600 an ounce. CryptoSlate tied the backdrop to a focus on US debt, Treasury market strains, and a softer dollar, including the Aug. 19 Treasury decision to at least double the maximum size of liquidity support buybacks for longer dated securities to $4 billion per operation.
Latest closeGold $4,666.20 ▲0.6%|Bitcoin $79,985.12 ▲1.2%