Bitcoin ETFs Hit $3 Billion Milestone, Outpacing Gold ETFs’ Debut and This Meme Coin is Making a Big Buzz

Bitcoin spot ETFs in the U.S. have reached an impressive milestone, surpassing $3 billion in net flows just one month after their launch. This achievement eclipses the initial performance of gold ETFs, which were introduced two decades ago. Notably, this figure includes Grayscale’s fund, which has experienced outflows as long-term investors shift their focus to newer, competitive options.

When Grayscale is excluded, the inflows are approaching a staggering $10 billion, as per BitMEX Research’s data. As of a recent count, inflows into other Bitcoin spot ETFs have exceeded $9.6 billion.

Bloomberg ETF analyst Eric Balchunas highlighted in a Twitter post that it took the GLD ETF nearly two years to attract the same amount of capital that Bitcoin ETFs have garnered in just 32 days.

The SPDR Gold Shares ETF (GLD), which debuted on November 18, 2004, quickly surpassed $1 billion in assets within three days of trading. However, after this initial surge, trading volumes dropped significantly, and gold ETF holdings plateaued at just under ten million ounces for about a year.

Despite this, GLD is often credited with sparking a multi-year bull market for gold, which saw its price per ounce rise from $400 at launch to $1,800 by 2011 (with the current spot price around $2,000).

In contrast, Bitcoin has already reached a new two-year high above $50,000 since the introduction of its own ETFs, which have experienced an even larger influx of capital. Remarkably, about half of these net inflows occurred in just the past three days, averaging roughly $450 million per day. Monday alone saw $493 million in inflows, making it the third strongest day for inflows since the ETFs’ inception.

A significant factor in the recent surge is the slowdown in outflows from the Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin fund. Many investors began selling their GBTC shares last month to close a long-term arbitrage trade following Grayscale’s conversion into an ETF.

Others likely sold their shares to switch to newer, significantly cheaper ETFs offered by BlackRock, Fidelity, and others. These newer funds continue to attract investors, now nearing $10 billion in net flows when Grayscale is excluded, according to BitMEX Research.

Bitcoin ETFs now hold over $30 billion in assets, equivalent to close to 690,000 BTC, making them the second-largest ETF commodity in the country. Gold remains the leader, with $90 billion in assets, including $54 billion within GLD alone, as reported by VettaFi.

Smog: The New Solana Meme Coin on the Horizon

Smog is the newest meme coin making waves in the Solana ecosystem. Following in the footsteps of notable predecessors like Honk, Bonk, Myro, and Dogwifhat, Smog is gearing up to carve its niche in the meme coin arena. The team behind Smog is banking on a massive airdrop to boost its visibility and attract a wider audience.

While the exact details of the airdrop remain under wraps, it’s known that 35% of Smog’s total supply is earmarked for these events. This positions the airdrop as one of the most significant in the cryptocurrency world.

Smog is not just about the airdrop; it’s also about building a vibrant community. The project is employing a unique Zealy campaign to encourage token ownership and engage early investors. These early backers will gain access to an exclusive group where they can participate in interactive quests on platforms like Discord or X, earning points along the way. This strategy aims to foster active community involvement and reward dedicated supporters.

The ultimate objective of these initiatives is to propel Smog to virality within the Solana meme coin ecosystem. With a strong community backing and an innovative engagement strategy, Smog has the potential to be the next big thing in the crypto space, offering significant returns to its investors.

To stay updated on Smog and its journey, visit the official website and explore the opportunity to become part of this exciting new venture.

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