TREE NEWS reports: Bitwise CEO Hunter Horsley said on X that global gold’s market size was about $2.5 trillion when gold ETFs launched in 2004, while Bitcoin’s total market was about $2 trillion when US spot Bitcoin ETFs launched in 2024. He drew the comparison to show both asset classes already carried substantial scale as ETF products entered the market. US spot Bitcoin ETFs were approved and listed in 2024.
Bitwise CEO: Gold and Bitcoin ETFs Both Launched With ~$2T Markets
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AI take
Horsley's framing is a scale argument, not a flow argument: it implicitly pushes back on the idea that Bitcoin ETFs arrived in a small, immature market, and places them alongside gold's ETF debut as a comparable institutional moment. The comparison says nothing about demand, holder base or liquidity, which are what actually determined gold ETF adoption over time. For RWA and crypto markets, the relevant question is whether Bitcoin ETFs follow gold's path of steady, sticky allocation or remain more reflexive and flow-sensitive; the durability of that parallel is the open question.
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