Gold ETFs Surge While Crypto Momentum Fades, Says Bloomberg Strategist
Investor demand for gold is climbing sharply, with total holdings in gold exchange-traded funds reaching their highest levels since 2023 — a clear reversal after years of steady outflows.
The renewed interest comes as crypto markets struggle to regain their footing.
According to Bloomberg Intelligence’s Mike McGlone, this divergence is a sign that gold is reasserting its role as a safe-haven asset. In a June 30 post, McGlone pointed to the Bloomberg Galaxy Crypto Index (BGCI), which remains stuck near 2021 levels, while gold ETF holdings have risen to 104.7 metric tonnes.
The data reflects a cooling appetite for speculative risk, with crypto losing steam amid a broader shift in macroeconomic conditions. As the liquidity surge from the COVID stimulus era fades, investors are recalibrating — and gold is benefiting.
McGlone warned that if U.S. equities falter, a wave of deflationary pressure could sweep across the economy, tightening credit and pushing more capital toward hard assets. In that scenario, crypto may struggle to compete with the perceived security of gold-backed instruments.
With global uncertainty mounting and trade tensions escalating, analysts say gold’s path to $5,000 is no longer far-fetched — especially if a broader downturn takes hold.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
