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SPDR Gold Trust (GLD), the largest U.S. gold-backed exchange-traded fund, saw massive outflows last week, while at the same time, Bitcoin exchange-traded funds (ETFs) began to see positive inflows again.
According to data from Kobeissi Letter, GLD funds outflowed about $3 billion in one day, which was the largest outflow in years and more than 200% higher than any large daily outflow in the past two years.
At the same time, gold prices fell about 4.4% in a single day, the largest single-day decline since late January, indicating that some investors may have taken profits after the recent strong rise in gold prices.
In contrast, Bitcoin spot funds performed better that week, with net inflows reaching $568 million, marking the second consecutive week of positive inflows after five weeks of significant withdrawals.
While gold flows are still much larger, data points to growing institutional interest in Bitcoin.
Some analyzes also show that early Bitcoin funds achieved faster inflows than when gold funds were launched.
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