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New Bitcoin ETFs reached $1.8 billion in assets in just three days, a milestone that took Gold 36 days to accomplish.
A prevalent comparison made regarding the introduction of spot Bitcoin ETFs in the United States is with the debut of the first gold ETF (GLD) in 2004. Notably, analyzing the initial performances of these two asset classes through their daily metrics reveals some insightful information.
For accuracy and transparency, all data presented below excludes the Grayscale and ProShares BITO ETFs. Including Grayscale distorts the data due to its significant volume and high asset value resulting from its transition from a trust. BITO is excluded as it is not classified as a spot ETF. The BTC Value was determined using the BRR New York Variant reference rate for each day, in accordance with the ETF prospectuses.
The table below indicates that Bitcoin significantly surpassed gold’s historical launch volume. On its inaugural day, GLD recorded approximately $265 million in volume, while Bitcoin achieved nearly ten times that amount, totaling $2.3 billion. Furthermore, while GLD had a cumulative trading volume of $1.32 billion, Bitcoin ETFs have experienced $3.69 billion in volume.
| Day | Gold Volume | Bitcoin Volume | Gold (oz) | Bitcoin (BTC) | Gold Value | BTC Value |
|---|---|---|---|---|---|---|
| 1 | $265,475,560.00 | $2,326,000,000.00 | 260,000 | 18,390 | $114,920,000.00 | $858,204,107.10 |
| 2 | $520,908,570.00 | $864,000,000.00 | 1,859,994 | 34,589 | $828,806,907.20 | $1,513,961,913.56 |
| 3 | $537,794,250.40 | $505,000,000.00 | 2,799,952 | 41,760 | $1,253,785,205.50 | $1,804,467,974.4 |
Interestingly, despite Bitcoin ETFs achieving significantly higher volumes and inflows, the price movements of the underlying assets exhibited contrasting trends. Gold increased by 1.3%, while Bitcoin experienced a decline of 7.4% during the first three trading days of the respective ETFs. However, just 12 days following GLD’s launch, gold reached a local peak that remained unbroken for over six months.
Below is an extension of GLD’s launch to illustrate the first 36 trading days, with the current Bitcoin data included for context. With the total Bitcoin ETF assets under management valued at approximately $1.8 billion, excluding Grayscale and ProShares BITO, it is about $550 million ahead of gold’s position on day three.
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However, a review of the chart shows that it took until day 36 for GLD to close this $550 million gap.
| Day | Gold Volume | Bitcoin Volume | Gold (oz) | Bitcoin (BTC) | Gold Value | BTC Value |
|---|---|---|---|---|---|---|
| 1 | $265,475,560.00 | $2,326,000,000.00 | 260000 | 18,390 | $114,920,000.00 | $858,204,107.10 |
| 2 | $520,908,570.00 | $864,000,000.00 | 1859994.06 | 34,589 | $828,806,907.20 | $1,513,961,913.56 |
| 3 | $537,794,250.40 | $505,000,000.00 | 2799952.98 | 41,760 | $1,253,785,205.50 | $1,804,467,974.4 |
| 4 | $140,664,868.00 | 2799952.98 | $1,254,751,438.19 | |||
| 5 | $272,080,970.40 | 3099933.3 | $1,390,568,824.08 | |||
| 6 | $138,203,116.20 | 3229921.97 | $1,456,602,906.16 | |||
| 7 | $170,457,821.20 | 3329909.96 | $1,502,482,070.50 | |||
| 8 | $174,195,914.90 | 3329909.96 | $1,509,624,832.88 | |||
| 9 | $175,007,060.00 | 3329909.96 | $1,507,776,858.64 | |||
| 10 | $290,265,194.40 | 3329699.18 | $1,512,255,390.24 | |||
| 11 | $191,282,072.10 | 3329699.18 | $1,493,759,189.63 | |||
| 12 | $140,216,070.40 | 3329699.18 | $1,508,360,596.14 | |||
| 13 | $171,163,297.50 | 2829802.88 | $1,278,328,839.45 | |||
| 14 | $269,033,368.50 | 2929780.58 | $1,279,831,486.60 | |||
| 15 | $155,510,997.60 | 2929780.58 | $1,280,403,410.75 | |||
| 16 | $107,054,704.80 | 2929780.58 | $1,271,307,158.65 | |||
| 17 | $63,428,329.20 | 2929780.58 | $1,274,488,086.03 | |||
| 18 | $97,571,408.20 | 2929780.58 | $1,280,333,615.99 | |||
| 19 | $116,211,034.40 | 2929780.58 | $1,285,886,107.04 | |||
| 20 | $142,893,529.80 | 2929780.58 | $1,287,336,889.37 | |||
| 21 | $83,393,702.00 | 2849806.22 | $1,250,464,182.36 | |||
| 22 | $85,858,298.90 | 2849806.22 | $1,260,539,772.85 | |||
| 23 | $60,660,331.20 | 2849806.22 | $1,256,251,296.24 | |||
| 24 | $119,004,803.10 | 2949768.83 | $1,300,463,528.86 | |||
| 25 | $28,264,444.60 | 2949768.83 | $1,300,744,250.85 | |||
| 26 | $117,333,792.00 | 2949768.83 | $1,303,931,835.40 | |||
| 27 | $34,337,812.00 | 2949768.83 | $1,303,917,545.74 | |||
| 28 | $245,620,242.00 | 2949768.83 | $1,307,737,913.68 | |||
| 29 | $56,457,398.40 | 3049722.19 | $1,327,960,347.57 | |||
| 30 | $204,186,443.20 | 3509488.41 | $1,536,598,756.84 | |||
| 31 | $147,681,409.60 | 3508826.93 | $1,500,610,088.45 | |||
| 32 | $86,694,401.60 | 3508826.93 | $1,494,453,263.56 | |||
| 33 | $107,703,688.40 | 3608771.8 | $1,531,058,990.59 | |||
| 34 | $187,942,939.80 | 3958574.65 | $1,670,970,198.67 | |||
| 35 | $187,942,939.80 | 3958574.65 | $1,662,206,494.48 | |||
| 36 | $189,511,980.70 | 4488252.67 | $1,890,712,131.56 |
As a noteworthy detail, GLD possessed 4,488,252 ounces of gold by day 36, valued at $189 million at that time. At current market rates, this is valued at $9 billion. Bitcoin ETFs would need to secure an additional 168,097 BTC to reach a comparable value, or 5,093 BTC daily. The most recent trading data indicates an inflow of 7,171 BTC into the newly launched ETFs on day three.
For context, the total amount of spot Bitcoin currently managed in the United States through Commodity-Based Trust Shares stands at 647,651 BTC, valued at approximately $27.9 billion, including Grayscale. Gold ETFs achieved a similar AUM around February 2009, nearly five years post-launch.
The total valuation of gold ETFs in the U.S. market as of the latest update is approximately $96.9 billion, according to VettaFi’s rankings. Silver follows with a valuation of $12.8 billion, positioning Bitcoin as the second most valuable ETF commodity asset class in the United States.
Editor’s Note: Due to T+1, verifying reporting data in such a brief timeframe is challenging, so variations between data providers should be anticipated until at least 7 to 14 days of reports are available. CryptoSlate has made diligent efforts to verify and confirm all data utilized in this analysis. Gold data was sourced from the official GLD historical records.
The post New Bitcoin ETFs did in 3 days what Gold took 36 days to achieve with $1.8 billion in assets appeared first on CryptoSlate.
