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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

From gold to Bitcoin: ETFs excel while miners falter post-launch

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Quick Take

After the launch of the first Gold ETF SPDR Gold Shares (GLD) in 2004, the precious metal embarked on a remarkable bull run, soaring from around $430 to $1,800 per ounce by August 2011.

This surge has fueled optimism that Bitcoin could potentially experience a similar, if not more impressive, ascent for the remainder of the decade after the launch of the Bitcoin ETFs in January.

However, a closer examination of the performance of gold miners’ ETFs, such as the $13 billion VanEck Gold Miners ETF (GDX), reveals a stark contrast. While GLD has appreciated by an impressive 449% since its inception, GDX, which debuted in 2006, has declined by 14%.

XAUUSD vs GDX since 2004: (Source: TradingView)
XAUUSD vs GDX since 2004: (Source: TradingView)

Interestingly, a similar divergence appears to unfold in the digital assets space. Since the launch of IBIT by BlackRock on Jan. 11, Bitcoin itself and the ETF have risen 27%. However, the Valkyrie Bitcoin Miners ETF (WGMI), which tracks mining companies, has shed 10% of its value during the same period.

BTCUSD, WGMI, IBIT, since Jan 11: (Source: TradingView)
BTCUSD, WGMI, IBIT, since Jan. 11: (Source: TradingView)

The post From gold to Bitcoin: ETFs excel while miners falter post-launch appeared first on CryptoSlate.

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