McGlone "Even ETFs are useless"...Bitcoin, pushed aside by gold

▲ Gold, Bitcoin (BTC), ETF/ChatGPT generated image

An analysis has emerged suggesting that the effect of Bitcoin (BTC) spot ETFs has fallen short of expectations, leading to a significant widening of the yield gap with gold.

According to a report on April 9 (local time), Mike McGlone, Senior Strategist at Bloomberg Intelligence, assessed that Bitcoin ETFs have not become a key driver for long-term price increases.

McGlone particularly focused on the trend since the launch of ETFs. Since the launch of BlackRock's IBIT, Bitcoin has only risen by approximately 50%, while gold surged by about 135% during the same period, recording an overwhelming performance.

He also suggested the possibility that the introduction of ETFs might have actually marked the peak of Bitcoin's upward cycle. The analysis suggests that while institutional fund inflows provided short-term price support, they might have also served as a catalyst to conclude the market's overheating phase.

Currently, a clear shift in fund flows is evident in the market. Bitcoin is behaving like a risk asset, while gold, as a traditional safe-haven asset, is attracting greater demand amid uncertainty.

Ultimately, the key is the 'direction of money'. As funds that flowed in due to ETF expectations gradually move to other assets, the gap between Bitcoin and gold is expected to widen further.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*