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

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

An analysis has emerged stating that the effect of Bitcoin (BTC) spot ETFs has fallen short of expectations, and the gap in returns with gold is widening significantly.

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

McGlone particularly noted the trend since the launch of ETFs. While Bitcoin only rose by about 50% since the launch of BlackRock's IBIT, gold surged by approximately 135% during the same period, recording overwhelming performance.

He also suggested the possibility that the introduction of ETFs might have actually formed the peak of Bitcoin's upward cycle. The analysis suggests that while institutional fund inflows played a role in 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 moving 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 projected to widen further.

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