- According to on-chain data provider Checkmate, Bitcoin is closing the gap with gold, traditionally considered a top-tier safe-haven asset.
- The growth trajectory of BTC, currently representing 15% of the total investment-class market value, indicates a promising future among sound money assets.
- As noted by analyst Bitcoin Munger, there was a significant increase in entries into not just one but two Bitcoin Exchange-Traded Funds (ETFs) last week.
Spot Bitcoin ETFs in the United States continue to attract attention and inflows: However, the analyst raised concerns about certain aspects!
Current Status of Spot Bitcoin ETFs in the United States
In February, inflows into spot Bitcoin ETFs rapidly approached nearly $500 million once again. Interestingly, the influx rate caught the attention of investors, with many expecting Bitcoin to intervene in the market share of gold sooner than expected.
According to information provided by on-chain data provider Checkmate, Bitcoin is closing the gap with gold, traditionally considered a top-tier safe-haven asset. Approximately $14 trillion is considered part of the total above-ground gold stock, with $3 trillion in bars and ETFs and $2.36 trillion held by central banks, and gold has long been considered a safe-haven asset.
However, Checkmate’s analysis shows that Bitcoin’s presence in the market value of sound money in this investment class is rapidly expanding. The growth trajectory of BTC, currently representing 15% of the total investment-class market value, indicates a promising future among sound money assets.
As noted by analyst Bitcoin Munger in an insightful observation, there was a significant increase in entries into not just one but two Bitcoin Exchange-Traded Funds (ETFs) last week. Interestingly, the analyst pointed out a striking absence of gold among the top 20 assets, despite strong entries. This observation highlights the evolution of traditional safe-haven assets in the face of Bitcoin’s rise.
Expressing a perspective on the future, Munger suggested that individuals often referred to as “gold bugs” by advocates of gold might find that BTC could surpass gold faster than their expectations.
BTC Price Movement
After the release of US CPI data for January, the price of Bitcoin (BTC) experienced a slight decline but still holds strong around $49,500. Additionally, robust entries into Bitcoin ETFs emphasize institutional interest in this asset class as Bitcoin continues to mature.
Popular crypto analyst Michael van de Poppe appreciated the strong inflow into Bitcoin ETFs. However, he mentioned that there is no guarantee that the entries will continue from here. Poppe added that it would persist as long as the Bitcoin price holds at $46,000.
According to Poppe, the BTC price could reach $55,000 during the pre-halving rally. Another market analyst, Rekt Capital, believes that the downside movement before the halving has ended and BTC has already entered the pre-halving rally stage.
