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25 June 2021

Bitcoin sell-off likely played a key role in boosting Gold's appeal

Bitcoin sell-off likely played a key role in boosting Gold's appeal

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Meanwhile, physical gold exchange-traded funds (ETFs) recorded its strongest months in May 2021 since September 2020.

The European gold ETFs reported $1.6 billion worth of deposits.

Strong demand for gold ETFs also contributed to the rise of its spot prices.

On the other hand, Gold ETFs reported six months of back-to-back outflows until May 2021.

JPMorgan analysts in January 2021 reported that gold ETFs lost about $7 billion in the same period Grayscale Bitcoin Trust (GBTC), a trust operated by New York-based Grayscale Investments, attracted $3 billion.

In May 2021, another JPMorgan report suggested that large institutional investors secured their profits in Bitcoin to seek opportunities in gold.

The statements also appeared as Ruffer Investments, a U.K.-based fund that manages about $33.95 billion for wealthy individuals and charities, also announced Tuesday that it has unloaded its entire Bitcoin position and has netted $1.56 billion in profits

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