**JPM says BTC Not Cannibalizing GLD
Gold Buyers Want Physical Not ETFs
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TL;DR
Q: Are investors shifting from gold to bitcoin?
A: No. They are buying both
Contents:
Summary in Three Charts
JPM’s Thesis Stated
BTC ETFs are Not Cannibalizing Gold Investment
Gold Investors Shun ETFs for Physical Since Pandemic
Some BTC Spot ETF Flows are Coming From Other Exchanges
Retail is a Net Buyer of Gold Despite GLD Holdings
About Microstrategy’s Levered Bet on Bitcoin
Summary in Three Charts:
Both asset classes are being bought by different cohorts different ways
Gold is being bought by retail/ CBs physically, not ETFs…
