One full bitcoin now buys a little more than 18 ounces of gold, the most since January
Bitcoin is pulling ahead of gold even as both hard assets rally together, driven by fears that governments will inflate away their debt rather than by bond yields.
Bitcoin exchange-traded funds (ETFs) in the US attracted a record $730.9 million in net inflows on Thursday, marking their highest daily increase since January 14. The surge came as Bitcoin reclaimed the $80,000 mark after trading between $76,000 and $81,000 throughout the week, according to CoinGecko. BlackRock's iShares Bitcoin Trust (IBIT) led the inflows with $454 million, accounting for approximately 62% of the total.
However, CryptoQuant expressed caution regarding Bitcoin's rally, citing weak spot demand and significant short covering as the market approaches the key $83,000 threshold. The report noted that Bitcoin holders realized substantial profits, with 23,000 BTC in net gains on August 21 and a cumulative total of 110,000 BTC since August 19.
Despite the inflows, only VanEcc's Bitcoin ETF (HODL) and WisdomTree's Bitcoin Fund (BTCW) recorded outflows on Thursday, amounting to $19.6 million and $5.2 million, respectively.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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