Gold, Bitcoin ETFs Pull In $7 Billion in Five Days as US Fiscal Fears Fuel Scarce-Asset Buying

Forecast Trend Report by Period

Investors are buying gold and Bitcoin in tandem as concerns mount over US fiscal health and the dollar’s value.

Data compiled by Bloomberg on August 26 show gold- and Bitcoin-related exchange-traded funds drew a combined $7 billion over the past five trading days. During that period, State Street’s SPDR Gold Shares (GLD) took in about $3.4 billion, while BlackRock’s spot-Bitcoin ETF, IBIT, attracted $1.5 billion. Both ranked among the top 10 US ETFs by weekly inflows.

Those parallel inflows reflect growing unease over US fiscal policy and the Treasury market. After Treasury Secretary Scott Bessent said he would at least double the scale of long-term Treasury buybacks, long-dated Treasury yields and the dollar fell, while gold and Bitcoin climbed.

The move has revived the so-called debasement trade. The idea is that as government debt and fiscal burdens increase, demand rises for assets with constrained supply. Gold is benefiting from its role as a traditional haven, while Bitcoin is drawing support from its fixed maximum supply of 21 million tokens.