Gold ETFs Surge Past Bitcoin Flows as Investor Demand Heats up

Gold funds are back in the spotlight, pulling ahead of Bitcoin ETFs in cumulative inflows after a summer rally reshaped the leaderboard.

Data from Bloomberg’s Eric Balchunas shows that gold ETFs now hold roughly $25.1 billion in net inflows, compared with $18.9 billion for Bitcoin-linked funds.

The year began with Bitcoin dominating flows, briefly overtaking gold earlier in 2025. But the momentum has shifted again, with traditional safe-haven demand helping bullion-linked products reclaim the top spot. Analysts note that while crypto ETFs remain strong performers, the battle for dominance underscores the cyclical nature of investor appetite.

I don’t think I’ve ever seen an OG ETF and its Mini-Me (a cheaper version of same thing aimed at advisors) as the #1 and #2 on any flow leaderboard ever but that is what happened today as $GLD and $GLDM holding top 2 spots in 1W flows. Gold is as hot as you can get rn. pic.twitter.com/V4Zikf8cPt

— Eric Balchunas (@EricBalchunas) September 4, 2025

Adding fuel to gold’s momentum, the SPDR Gold Shares (GLD) and its low-cost counterpart GLDM captured the top two positions in one-week ETF flows, an unusual pairing for a flagship fund and its discount version. Combined, the products brought in more than $4 billion in fresh assets over the past week, a rare feat in the ETF world.

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Still, Bitcoin ETFs are far from finished. With nearly $19 billion in cumulative flows, they remain among the fastest-growing categories ever launched. Balchunas maintains that crypto funds could ultimately triple gold’s totals – though he cautions that such growth will take time, not happen overnight.