The trade volume of the Bitcoin spot ETF hit a new milestone in comparison to the yellow metal ETF. Veteran Bitcoin traders predicted huge pump possibilities in the trade price of Bitcoin shortly.
We know that a total of 11 Bitcoin spot ETF applications were approved by the United States Securities and Exchange Commission (SEC) in Jan of this year. Before the approval of these applications, no one expected that the inflow of money in the Bitcoin market would be very high & rapid but the current picture shows that Bitcoin is above the imagination of top financial analysts.
In only 39 days, between 10 Jan to 1 March) BlackRock’s Bitcoin ETF reached $10 billion in AUM. The United States’ first gold ETF — SPDR Gold Shares (GLD) took more than 24 months to hit the $10 billion milestone.
The inflow of money in the currently active nine Bitcoin spot ETF products is also impressive, on Feb. 26, 27 and 28 exceeding $500 billion for the new nine ETFs.
Notably Bitcoin spot ETF products significantly impacted the Gold ETF market. In the last 30 days, the BTC ETF gathered 50% value of the Gold ETF. In short, Bitcoin is eating the Gold ETF.
Because of the better performance of the Bitcoin spot ETF market, the majority of the mainstream media reports cover news around Bitcoin ETF, instead of Gold.
Popular Gold proponent & Global Economist Peter Schiff targeted CNBC media and urged them to cover the reports equally on all types of top financial assets.
Just a day ago, Gold ETF GLD price surged nearly $43 & hit an all-time high. Schiff said that CNBC failed to talk about the Gold ETF price pump but covered the Bitcoin ETF multiple times.
Read also: Hong Kong regulator warns against “fake crypto exchange” HSKEX
Blackrock’s Bitcoin spot ETF hits $10B in 39 days, 18 times faster than Gold ETF
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