James Seyffart, an ETF analyst, believes spot Bitcoin exchange-traded funds could eventually surpass gold ETFs in total assets under management. Speaking on the Coin Stories podcast published on Friday, Seyffart argued that investor demand for Bitcoin ETFs extends well beyond the conventional comparison to gold. He cited Bitcoin’s multiple perceived roles in a portfolio as a key differentiator from the traditional precious metal.
Seyffart outlined several reasons investors might allocate to a Bitcoin ETF, including its function as a store of value, a portfolio diversifier, a growth risk asset, and a form of digital capital and property. He noted that gold, by contrast, fulfills only one of those roles. “There are just more use cases of why somebody would put a Bitcoin ETF in a portfolio,” he said, adding that Bitcoin can serve as “hot sauce” for investors seeking exposure to growth and liquidity trades.
Bitcoin is frequently compared to gold because of its limited supply and its perceived role as a hedge against monetary debasement. Despite this longstanding comparison, recent ETF flow data suggests the two assets are attracting different levels of investor interest. In March, US-based gold ETFs recorded net outflows of $2.92 billion, while US spot Bitcoin ETFs drew $1.32 billion in net inflows over the same period.
The largest US gold-backed ETF, GLD, saw a $3 billion single-day outflow on March 4, the largest daily withdrawal in more than two years. Separately, data cited by Cointelegraph on March 19 from the Bank for International Settlements showed that retail gold purchases have tripled over the past six months, even as Wall Street selling of gold has accelerated over the past four months. These trends point to a divergence between institutional and retail behavior in the gold market.
Despite the contrasting ETF flows, both Bitcoin and gold have moved broadly in parallel in recent weeks. At the time of publication, Bitcoin is trading at $66,918, down 8.07% over the past 30 days, according to CoinMarketCap. Gold is trading at $4,676, also down 8.25% over the same period, according to GoldPrice data.
In December 2025, Fidelity Digital Assets analyst Chris Kuiper offered a longer-term perspective on the relationship between the two assets. He noted that historically, gold and Bitcoin have taken turns outperforming one another, and suggested that with gold performing strongly in 2025, Bitcoin could be positioned to take the lead next. Seyffart’s comments align with a broader industry view that Bitcoin’s expanding narrative could give its ETF market a structural advantage over gold ETFs in the years ahead.
Originally reported by CoinTelegraph.
