From Investing.com:

A surge in bitcoin ETF interest prompts some investors to shift from gold-backed ETFs. Spot bitcoin ETFs may offer inflation hedge alternatives. US approval for bitcoin ETFs has opened up the market for further gains. Largest new spot bitcoin ETFs have accumulated billions in assets, while gold-backed ETFs saw outflows. Bitcoin surged over 150% in 2023, posing a threat to gold as a haven. Some caution against migrating from gold ETFs due to bitcoin volatility. Gold is valued for wealth preservation, while bitcoin is seen as a speculative investment.



Read more at Investing.com: Bitcoin ETFs test investor commitment to gold-backed paper By Reuters