Bitcoin ETFs may finally be evolving into the asset institutional investors wanted all along — not a high-beta tech trade, but a gold-like portfolio diversifier.
That shift is becoming increasingly visible in market behavior. Bloomberg Intelligence analyst Eric Balchunas recently pointed out that the 60-day historical volatility gap between iShares Bitcoin Trust ETF (NASDAQ:IBIT) and SPDR Gold Trust (NYSE:GLD) has narrowed sharply since the launch of spot Bitcoin ETFs in January 2024.
IBIT’s 60-day historical volatility has fallen from peaks above 66 to nearly 34, while GLD’s volatility has climbed from around 10 to above 27 during the same period. The convergence suggests Bitcoin may be maturing from a speculative momentum trade into a more stable macro asset.
Balchunas also noted that despite recent geopolitical volatility tied to the Iran conflict, IBIT has still outperformed broader equities since the tensions escalated. Since BlackRock first filed for a spot Bitcoin ETF in June 2023, IBIT has delivered more than …
