The spot bitcoin exchange-traded funds (ETFs) experienced their largest daily outflow of nearly $1 billion, while spot gold ETFs continue to see significant inflows. This is potentially beneficial for gold-backed cryptocurrencies. Physically-backed gold ETFs had their highest weekly inflow since March 2022, with most of the demand coming from North America. Gold ETF holdings are at 3,326 tons worth approximately $314 billion. Gold has seen an increase of nearly 11% in 2025 and 43% year-over-year, possibly due to geopolitical tensions and uncertainty surrounding threatened Trump tariffs. Gold-backed cryptocurrencies like Paxos gold (PAXG) and Tether gold (XAUT) have outperformed the broader crypto market. Demand for these tokens has risen, with over $25 million worth of commodity-backed tokens minted this month. Meanwhile, gold supply has barely changed, with mining production slightly dropping and hedging and recycling growing.



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