Gold took two decades to build its ETF empire. Bitcoin is trying to do it in two years.
That is the core observation from Bloomberg Intelligence analyst Eric Balchunas, who argues that Bitcoin ETFs are on a trajectory that closely mirrors the arc of gold ETFs since their launch around 2004. The comparison is not just flattering for Bitcoin. It is also a warning label.
Balchunas points out that both Bitcoin and gold share a structural quirk that sets them apart from most investable assets: neither produces cash flows. That means price movement in both assets is almost entirely a function of investor sentiment.
The numbers tell a striking story
Gold ETFs like SPDR Gold Shares have been accumulating assets since roughly 2004, building to an AUM range of $160B to $235B over more than two decades. Bitcoin ETFs launched in January 2024 and have already pulled in over $38B in net inflows, with total estimated AUM approaching $120B.
