According to @EricBalchunas, GLD has outperformed SPY since GLD’s 2004 launch, challenging conventional wisdom on long-run equity returns, source: Eric Balchunas on X, Oct 17, 2025. GLD is a physically backed gold ETF designed to reflect the price of gold bullion through allocated holdings, source: SPDR Gold Shares overview by State Street Global Advisors. SPY seeks to track the S&P 500 Index of U.S. large-cap equities, source: SPDR S&P 500 ETF Trust overview by State Street Global Advisors. For traders, gold’s documented role as a portfolio diversifier during equity stress underscores the relevance of the GLD versus SPY relative strength trend as a macro signal, source: World Gold Council research on gold as a strategic asset. The digital gold narrative for BTC is established in institutional research, making gold’s relative performance a meaningful context input for BTC allocation frameworks, source: Fidelity Digital Assets research on Bitcoin as a store of value. Analysts have observed periods of rising BTC–gold correlation during macro stress, highlighting cross-asset hedging dynamics that crypto traders monitor, source: Bloomberg Intelligence research on Bitcoin–gold correlation.

According to The Kobeissi Letter, the largest gold ETF GLD recorded $12.5 billion in trading volume on Thursday, marking the second-highest day on record (source: The Kobeissi Letter, X). According to The Kobeissi Letter, the only other time GLD reached this level was in 2013 (source: The Kobeissi Letter, X). According to The Kobeissi Letter, this compares with a peak of roughly $11 billion in daily volume during April’s gold rally (source: The Kobeissi Letter, X). According to The Kobeissi Letter, Thursday’s GLD volume was also higher than most of the Magnificent 7 stocks, underscoring exceptionally strong demand for gold assets (source: The Kobeissi Letter, X).

According to @charliebilello, gold is up 48% YTD in 2025 and Bitcoin (BTC) is up 31%, making them the top two performing major assets so far this year, source: X post on Oct 4, 2025 https://twitter.com/charliebilello/status/1974461342833680700. He also states this is the first time gold and Bitcoin have occupied the #1 and #2 spots in any calendar year, underscoring year-to-date momentum leadership for GLD and BTC, source: same X post and accompanying video https://www.youtube.com/watch?v=mPyTe3AjUtA&t=528s.

According to Eric Balchunas, GLD and IBIT ranked among the Top 10 U.S. ETFs by trading volume today, a rare occurrence he described as part of the Debaser Trade. source: Eric Balchunas on X, Oct 2, 2025 This highlights unusually high trading activity in gold exposure via GLD and Bitcoin exposure via the iShares Bitcoin Trust IBIT. source: Eric Balchunas on X, Oct 2, 2025; source: BlackRock iShares IBIT fund page GLD tracks the SPDR Gold Trust while IBIT provides spot Bitcoin exposure, making today’s volume mix directly relevant for gold and BTC sentiment during U.S. cash hours. source: State Street Global Advisors SPDR Gold Shares overview; source: BlackRock iShares IBIT fund page

According to Eric Balchunas, Bitcoin (BTC) spot ETFs have demonstrated remarkable performance by accumulating $15.6 billion in net inflows within their first six months of trading. This rapid capital accumulation significantly outpaces the historical performance of the first Gold ETF (GLD), which required eight years to achieve a similar level of inflows. This data highlights the substantial and accelerated investor demand for Bitcoin exposure through regulated ETF products, suggesting a strong bullish sentiment and a potential shift in asset allocation preferences among investors when compared to traditional safe-haven assets like gold.

According to The Kobeissi Letter, GLD has surged +109% since 2020, now significantly outperforming the S&P 500's +74% gain in the same period. This shift is directly linked to increasing market uncertainty, which has driven traders toward gold as a safe-haven asset, despite a broader equity market recovery. For traders, this trend indicates sustained demand for gold ETFs like GLD during periods of elevated risk and uncertainty, suggesting that gold's role in diversified portfolios remains robust as we head into 2025 (Source: The Kobeissi Letter, Twitter, May 5, 2025).

According to The Kobeissi Letter on Twitter, the Gold ETF ($GLD) experienced a significant $1.3 billion outflow on Wednesday, marking the third-largest withdrawal in its history. This sharp outflow followed a record ~$1.9 billion daily inflow last week, reflecting heightened trading volatility and rapid sentiment shifts among institutional investors. As reported by Goldman Sachs, $GLD became the third most-traded ETF on Wednesday. This surge in trading volume and capital movement signals increased short-term trading opportunities and volatility for gold-focused traders. Source: The Kobeissi Letter, Twitter; Goldman Sachs.

According to Eric Balchunas, ETF flows are showing signs of investor anxiety, with $GLD (gold), $BIL (cash), and $SH (-1x SPX) among the top five, indicating a shift towards safety. Despite this, $VOO continues to attract cash, reflecting consistent dollar-cost averaging by Vanguard investors. However, there is a noticeable slowdown in dip buying, suggesting cautious market sentiment.

According to Edward Dowd, gold ($GLD) has risen by 13% since the inauguration of Trump, reportedly due to various factors including significant fraud revelations. Dowd implies that these revelations are a crucial reason for the price surge, although concrete trading data or further insightful analysis from @DOGE on the Department of Defense discoveries is still pending.

According to Eric Balchunas, the rivalry between gold and Bitcoin is intense, with gold celebrating a win this year. However, declaring Bitcoin dead is considered extreme, especially since GLD (SPDR Gold Shares) has significantly lagged behind since the BlackRock ETF filing. This analysis suggests a nuanced view on the performance of both assets, highlighting the importance of considering recent market movements and ETF developments in trading strategies.

According to Crypto Rover, the world's largest Bitcoin ETF, IBIT, is closing in on the market size of the largest Gold ETF, GLD. This development highlights Bitcoin's growing prominence as a dominant asset class, potentially influencing market liquidity and investor strategies. Traders should monitor this trend closely as it may impact asset allocation decisions and volatility in both crypto and traditional markets.