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Spot Bitcoin exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management (AUM) as investor demand expands beyond the traditional “digital gold” narrative, according to ETF analyst James Seyffart.
Seyffart said on the Coin Stories podcast that there are “just more use cases” for including a Bitcoin ETF in a portfolio. He described Bitcoin’s role as digital gold, a store of value, a portfolio diversifier, and a form of digital capital and property. He also noted that the market increasingly views Bitcoin as a “growth risk asset,” adding that Bitcoin has “all these different ways” of being viewed, while gold has “one of those things.”
“Our view is that Bitcoin ETFs will be larger than gold ETFs,” Seyffart said.
Seyffart characterized Bitcoin ETFs as a “hot sauce” in portfolios, arguing that there are “so many people that could use it.” He said some investors may use Bitcoin ETFs to express views tied to growth and liquidity.
US-based gold ETFs recorded net outflows of $2.92 billion in March, while US spot Bitcoin ETFs attracted $1.32 billion in net inflows over the same period.
The article also cited that the largest US gold-backed ETF, GLD, recorded a $3 billion outflow on Mar. 4, described as the largest daily withdrawal in more than two years.
Despite the divergence in ETF flows, both gold and Bitcoin have declined over the past 30 days. Bitcoin was trading at $66,918 at the time of publication, down 8.07% over the past 30 days, according to CoinMarketCap. Gold was trading at $4,676, down 8.25% over the past 30 days, based on GoldPrice data.
On Mar. 19, Cointelegraph cited data from the BIS indicating that retail gold purchases have tripled over the last six months, while Wall Street selling has accelerated over the past four months.
In December 2025, Fidelity Digital Assets analyst Chris Kuiper said that historically, gold and Bitcoin have taken turns outperforming. He added that with gold performing strongly in 2025, it would not be surprising if Bitcoin takes the lead next.
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