'Bitcoin ETF Performance Pales Next to Gold': Mike McGlone

TL;DR

Mike McGlone from Bloomberg argues that Bitcoin ETFs are underperforming compared to gold, questioning their potential for long-term price appreciation. He notes that Bitcoin has gained about 50% since the iShares Bitcoin Trust ETF launched in January 2024, which is on par with the S&P 500.

Key points

Mike McGlone questions Bitcoin ETFs' long-term bullish potential
Bitcoin ETFs have capped upside compared to gold
Bitcoin gained about 50% since January 2024

BloombergiShares Bitcoin Trust ETF

Mike McGlone, a Senior Community Strategist at Bloomberg, recently shared his opinion on the performance of Bitcoin exchange-traded funds (ETFs), compared to gold. He questioned the narrative that spot ETFs would fuel unlimited upside for Bitcoin.

Bitcoin ETFs vs. Gold

In an X post, McGlone argued that the launch of U.S. spot Bitcoin ETFs is not a long-term bullish catalyst. He claimed that the ETFs appear to have capped to the upside for Bitcoin (BTC), rather than fueling endless price appreciation.

He compared the performance of the Bitcoin ETFs to gold, which has outperformed as a traditional safe-haven asset.

McGlone pointed out that Bitcoin has gained about 50% since the iShares Bitcoin Trust ETF (IBIT) started trading in January 2024. This gain roughly matched the S&P 500 over the same period.

In contrast, gold surged approximately 135% over the same time frame. McGlone emphasized that the Bitcoin returns have been relatively muted despite the hype around institutional adoption through the spot ETFs.

Bitcoin ETF Performance Pales Next to Gold

The launch of US Bitcoin ETFs may have been the harbinger for the end of broad crypto price appreciation, favoring gold. Since the iShares Bitcoin Trust ETF (IBIT) started trading in January 2024, Bitcoin has gained about 50% to April… pic.twitter.com/1yeIbAqcPp

— Mike McGlone (@mikemcglone11) April 9, 2026

Inflows into Bitcoin ETFs provided short-term price support by bringing in new institutional and retail money.

However, McGlone sees this as potentially marking the top of a crypto cycle. The funds from ETF-driven buying may have been the climax of broad appreciation, after which enthusiasm waned, and capital has rotated elsewhere.

As a classic nonyielding asset, gold has benefited more from macroeconomic factors. While Bitcoin has behaved more like a risk-on asset, gold has shone as a hedge during uncertainty.