- BTC ETFs attracted inflows from Gold ETFs, a VanEck executive said.
- BTC could be moving closer to a parabolic run after a major update on the US money supply.
Market watchers have been speculating on that American spot for a long time Bitcoin [BTC] ETFs can draw flows from gold ETFs. According to CEO of VanEck, Jan Van Eck, this has become reality.
On the sidelines of the Paris Blockchain Week 2024, the director of VanEck underlined that gold ETFs have seen outflows despite hitting record highs and rising 14% in 2024.
“There have been outflows from gold bullion ETFs in the US this year, while gold is at an all-time high and up 14% this year.”
Van Eck added that, based on a Google search analysis, investor interest in “Bitcoin dominated gold.”
Despite the above interesting developments, US Bitcoin ETFs added around 30,000 BTC in May, but demand stagnated.
Demand for Bitcoin ETF is stagnating, but…
In May, US spot BTC ETFs recorded net positive flows, adding 29.5K BTC after accounting for GBTC sales.
As of May 31, the ETFs recorded net positive inflows of $48.7 million per Soso Value facts. BlackRock’s IBIT led the inflows with $169 million, followed by Fidelity’s FBTC with $5.9 million.
However, Grayscale’s GBTC dented the aforementioned inflows after registering an outflow of $124.3 million last Friday, according to Farside Investors facts.
When the cumulative demand for BTC ETFs in the spot market was plotted against the BTC price, the graph showed that demand stagnated along with the price.
Source: X/HODL15Capital
However, BTC could soon make a parabolic run. The King Coin has achieved a crucial and similar milestone last seen before the parabolic run of 2017: it surpassed the US money supply. According to crypto analyst TechDev,
“In 2021, $BTC was pushed to new USD highs due to the increased money supply. In 2024 it came there at its own request (and thus broke out against M1). Add expected M1 growth this time and we likely see $BTC partially exceed expectations based on 2021.”
Another analyst, Peter Brandt, relied on standard historical data: roofed the top of this market cycle at $130,000-$150,000 per BTC by August 2025.
Source: X/Peter Brandt
However, BTC has entered a third month of price consolidation and needs to break above the range to confirm uptrend momentum.