According to their data, market participants are increasingly choosing bitcoin over gold to protect capital from inflation and market risks, The Block writes.
The inflow of funds into spot bitcoin-ETFs continues for the third month in a row. From April 30 to May 6, investors invested $1.69 billion. Gold exchange-traded funds have not recovered from the March capital outflow.
The bank noted that demand for cryptocurrency is growing not only in the retail sector: institutional investors are increasing their positions through CME futures and offshore platforms.
Strategy remains an additional channel for the inflow of funds – the company is building up its digital gold reserves faster than last year. Analysts forecast that if the current rates are maintained, the volume of purchases may reach $30 bln by the end of the year.
Bitcoin is trading around $79,503, having lost 2% over the day.
The cost of gold is $4727 (+0.59% in 24 hours).
