Bitcoin and Gold Flows Tell a Different Story Than Prices

Gold and Bitcoin are two of the most popular safe-haven assets, but they’re having very different years in 2025 depending on what you’re measuring.

In terms of price performance, it’s a rout. The SPDR Gold Shares (GLD), the largest gold ETF, is up 29% year to date, while the iShares Bitcoin Trust (IBIT), the leading U.S.-listed spot Bitcoin ETF, has gained just 4%.

But when you flip from price charts to ETF flows, the story changes. IBIT has pulled in more than $6.9 billion in new investor money this year, edging out GLD, which has brought in $6.3 billion, according to data from FactSet.

Both ETFs are the flagship products in their respective categories—with assets under management of $102 billion for GLD and $59 billion for IBIT—so the comparison is worth paying attention to. While gold is clearly outperforming in the market, Bitcoin is winning the ETF popularity contest, at least based on the inflows for these two massive funds. 

There are a few reasons why that might be.

IBIT & GLD Flows Drivers

For one, Bitcoin ETFs are still relatively new. IBIT and other spot Bitcoin ETFs launched only 16 months ago. For many U.S. investors, these products are still novel and, in some ways, still shiny. By contrast, GLD has been around since 2004. Investors who wanted gold exposure through ETFs have had two decades to build up their positions. Bitcoin ETF investors are just getting started.

Another possibility is that some of the flows into Bitcoin ETFs may be offsetting selling in other parts of the Bitcoin market. Investors could be shifting from platforms like Coinbase into ETFs for convenience or regulatory comfort. 

Some flows could also be tied to institutional trades, like basis trades, which involve going long spot Bitcoin via an ETF while shorting Bitcoin futures. These types of trades were widespread in 2024 and may still be influencing flows.

Gold’s rally, meanwhile, hasn’t been driven primarily by ETFs. Central banks, especially in emerging markets, have been buying gold at record levels. There’s also been a surge in physical demand from investors in places like China, where concerns about the domestic economy have pushed savers toward hard assets. 

Gold ETF inflows have started to pick up in recent months, but for most of this multi-month rally ETF investors were on the sidelines.

The Bigger Picture

That said, it’s important not to overstate IBIT’s momentum relative to GLD. If you zoom out from these two tickers and look at the broader ETF universe, gold is still well ahead.

All U.S.-listed Bitcoin ETFs combined have taken in $5.4 billion year to date. By comparison, U.S.-listed gold ETFs have attracted $15.6 billion. That’s nearly three times as much. 

And if you look globally, the gap widens even further. Gold ETFs around the world have seen a staggering $52.5 billion of inflows this year, according to the World Gold Council. Bitcoin ETF flows, on the other hand, remain almost entirely U.S.-centric.

So while IBIT is putting up impressive numbers and Bitcoin remains in the ETF spotlight, gold’s grip on investor demand, both inside and outside ETFs, is still very strong.