
Gold ETFs reached a record 4,189 tons at the end of August after $18 billion of inflows, pushing their assets to $615 billion. This surge was driven by strong demand from Europe, North America, and Asia, alongside China's central bank adding 20.2 tons to its reserves. Meanwhile, American Bitcoin ETFs attracted $3.52 billion in August, marking their best month of 2026, though gold remains far larger in scale. Both assets are gaining investor interest simultaneously, reflecting different roles in portfolios rather than a direct shift from one to the other.