Gold, Bitcoin ETFs Rejoin Top Trading Ranks as Debasement Trade Overtakes AI

Gold and Bitcoin exchange-traded funds have moved back into the top ranks by trading volume, suggesting the market’s investment theme is shifting from artificial intelligence to bets on currency debasement.

Eric Balchunas, a Bloomberg ETF analyst, highlighted on Aug. 25 that gold and Bitcoin ETFs had re-entered the top 10 ETFs by trading volume.

Trading has surged recently in SPDR Gold Shares (GLD), a spot gold ETF, and BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT). By contrast, semiconductor ETFs that had previously led the market accounted for a smaller share of trading.

Balchunas said the shift may signal that the debasement trade — positioning for a decline in the value of fiat currencies such as the dollar — is emerging as the market’s new leading theme, replacing the AI investment boom.