Spot Bitcoin ETF funds could surpass gold ETF funds in total assets under management (AUM) as investor demand expands beyond the traditional “digital gold” narrative, according to ETF analyst James Seyffart.
Seyffart explained that Bitcoin has “many ways” to be viewed, while gold has “one of those.”
“Our view is that the Bitcoin ETF will be bigger than the gold ETF,” he added.
Spot Bitcoin ETF is “spicy seasoning” in a portfolio
“Lots of people can use it. They can put it in a portfolio because they want to bet on a growth and liquidity trade,” he said. “In that way, it can be a spicy seasoning in a portfolio.”
Bloomberg ETF analyst James Seyffart spoke to Natalie Brunell on the Coin Stories podcast. Source: Bitcoin is often compared to gold thanks to its limited supply and its perceived role as a hedge against currency depreciation.
U.S. gold spot ETFs saw $2.92 billion in net outflows in March, while U.S. spot Bitcoin ETFs attracted $1.32 billion in net inflows over the same period.
Both gold and BTC are down over the past 30 days
The largest gold-backed ETF in the U.S., GLD, recorded $3 billion in withdrawals on 4/3, the biggest single-day net outflow in more than two years.
On 3/19, data from the Bank for International Settlements (BIS) showed that retail investors’ gold purchases have tripled over the past 6 months, while sell-side activity on Wall Street has accelerated over the past 4 months.
Related: Bitcoin is “over” for the 85% drawdowns, Cathie Wood says as the new target is $34,000
Despite differences in ETF flows, both assets have broadly moved in the same direction over recent weeks.
Bitcoin is trading at $66,918 at the time of publication, down 8.07% over the past 30 days, according to CoinMarketCap. Meanwhile, gold is trading at $4,676, down 8.25% over the past 30 days, according to data from GoldPrice.
In December 2025, Fidelity Digital Assets analyst Chris Kuiper said that “historically, gold and Bitcoin have alternated in outperformance. When gold shines in 2025, it wouldn’t be surprising if Bitcoin leads next.”
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