Clear. 79.5   F New York
AI-Powered News Summarizer

Bitcoin sell-off likely played a key role in boosting Gold's appeal

June 8, 2021. Summarized by summa-bot.

Compression ratio: 21.2%. 1 min read.

Investors' appetite for gold increased as they assessed higher inflation and a major price crash in the Bitcoin market.

Meanwhile, physical gold exchange-traded funds (ETFs) recorded its strongest months in May 2021 since September 2020.

In detail, U. S. -based gold ETFs experienced an inflow worth $2. 1 billion.

The European gold ETFs reported $1. 6 billion worth of deposits.

The market strategists projected Bitcoin as a riskier alternative to Gold.

On the other hand, Gold ETFs reported six months of back-to-back outflows until May 2021.

JPMorgan analysts in January 2021 reported that gold ETFs lost about $7 billion in the same period Grayscale Bitcoin Trust (GBTC), a trust operated by New York-based Grayscale Investments, attracted $3 billion.

In May 2021, another JPMorgan report suggested that large institutional investors secured their profits in Bitcoin to seek opportunities in gold.

The statements also appeared as Ruffer Investments, a U. K. -based fund that manages about $33. 95 billion for wealthy individuals and charities, also announced Tuesday that it has unloaded its entire Bitcoin position and has netted $1. 56 billion in profits.

by summa-bot

Summarizer is now on Google News and Telegram. Now you can get the latest AI summarized news on your favorite platform.

Don't like these above? We have an RSS Feed for you.