In early October 2025, the financial market has witnessed the consolidation of the “Debaser Trade” strategy. The Bitcoin and gold ETFs trading volume surged, positioning the SPDR Gold Shares (GLD) and the iShares Bitcoin Trust (IBIT) among the most traded funds. According to industry data, GLD recorded a volume of $4.88 billion, while IBIT reached $3.21 billion, showing a clear capital movement towards safe-haven assets.
The momentum of this trend is reflected in exceptional figures that go beyond daily volume. A key milestone occurred in December 2024, when the assets under management (AUM) of Bitcoin ETFs reached $129 billion. This figure surpassed the $128 billion accumulated by gold ETFs for the first time. Such parity on an institutional scale suggests that both assets are now directly competing for similar capital flows in investment portfolios.
The “Debaser Trade”: Which Haven Offers Better Returns in 2025?
The “Debaser Trade” strategy involves allocating capital to limited-supply assets, like gold and Bitcoin, to hedge against the depreciation of fiat currencies. However, the 2025 returns introduce important nuances. Despite the significant interest in Bitcoin, the gold ETF GLD accumulated a return of +24.4%. This performance outpaced the +14.5% recorded by IBIT in the same period, demonstrating that the precious metal offered higher relative profitability in the analyzed window.
Market dynamics have also been influenced by the volatility of ETF flows. Market sources reported highly variable net flows for IBIT, with outflows of $128.5 million on one day and inflows of $332.7 million on others. These movements amplify intraday volatility and affect price formation, impacting the digital asset economy. Market liquidity is increasing, but so is the risk of sharp short-term price movements.
The parity in AUM and the high shared volumes are a relevant macroeconomic signal. They indicate that institutional positioning is rebalancing portfolios and that there is a growing correlation between traditional and crypto markets. The next milestone will be to observe how the evolution of daily flows from these ETFs translates into the spot price of both assets, defining the future of the safe-haven narrative in the coming weeks.
