Gold has just broken a new record while Bitcoin also continues to attract capital. ETFs backed by the yellow metal held 4,189 tonnes at the end of August, after $18 billion in inflows in one month. Their assets now reach $615 billion. Over the same period, US Bitcoin ETFs captured around 3.52 billion. Two rare assets, but still two markets of very different sizes.
In brief
- Gold ETFs hold a record 4,189 tonnes after $18 billion inflows in August.
- China purchased an additional 20.2 tonnes and increased its official reserves to 2,387 tonnes.
- US Bitcoin ETFs attracted around $3.52 billion in the same month.
Gold hits 4,189 tonnes as Bitcoin accelerates
The rise in gold was rapid. In July, global ETFs still held 4,068 tonnes. A month later, another 121 tonnes had joined the funds, bringing the total to 4,189 tonnes.
The move extends a reversal already visible in early August, when gold hit a six-week high while Bitcoin stagnated. Investors pumped $18 billion into gold ETFs in August. This is the second best month ever recorded by value by the World Gold Council.
Europe contributed around $7.9 billion. North America follows at around 7.7 billion. Asia adds 2 billion. The rise in metal did the rest. Gold gained about 13% in August and ended the month around $4,563 per ounce. With capital inflows and price appreciation, assets managed by ETFs jumped 16% in one month to $615 billion.
Bitcoin also had a strong month. US spot ETFs received around $3.52 billion, their best monthly result of 2026. Gold remains far ahead in size. Bitcoin, however, is growing much faster from a smaller base.
China adds another 20 tonnes of gold
ETF investors aren’t the only ones buying. The People’s Bank of China added 20.2 tonnes of gold to its reserves in August, its biggest monthly acquisition since October 2023. Beijing has now been buying for 22 consecutive months. Its official reserves reach 2,387 tonnes, or around 9% of the country’s foreign exchange reserves. This share was still 8% a month earlier.
However, Chinese demand is not uniform. Gold withdrawals from the Shanghai Gold Exchange fell 22% in August compared to July. They even fall by 27% over one year. Jewelry and traditional physical purchases are slowing down. Institutions, much less. China ETFs added 11 tonnes in August and now hold around 293 tonnes of gold. Their assets under management are approaching $42 billion.
Bitcoin is following a different trajectory. It does not benefit from regular purchases by central banks comparable to those observed on gold. Its institutional demand mainly comes through ETFs, corporations and asset managers. In August, Bitcoin ETFs had six positive sessions for $2.26 billion. The entire month will ultimately end around 3.52 billion. The gap with the 18 billion directed to gold remains considerable.
Bitcoin and gold do not yet play exactly the same role
Comparing Bitcoin and gold becomes almost automatic when investors seek protection against public debt, currencies or financial stress.
August, however, gives a more nuanced picture. Both assets attracted money at the same time. Gold benefited from concerns about US debt, movements on the dollar, increased institutional buying and persistent demand from central banks. Bitcoin benefited from the return of investors to its ETFs and a significant rebound in its price.
It is therefore not necessarily a transfer from one to the other. Wall Street still does not systematically classify Bitcoin as “digital gold”. A recent Bitwise survey shows that several institutions continue to classify their exposure to Bitcoin as technology, innovation or venture capital. The August figures clearly illustrate this difference. 4,189 tonnes for gold ETFs. $615 billion in assets.
18 billion injected in one month. Bitcoin responds with $3.52 billion in inflows into its U.S. ETFs, its best month of the year. Gold therefore maintains an immense lead in traditional portfolios. Bitcoin continues to gain its place. For now, investors mostly seem to want both.
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