I don't know how much business [Monetary Metals](https://monetary-metals.com/) is doing but if you believe you're deposits are safe, it's clearly superior to holding a gold ETF. Maybe some people are moving into that.

Undisciplined

part of me wonders whether investors may be leaving the ETF and taking custody of gold, but I have no real information to suggest that is the case

charts_and_numbers

World’s Largest Gold ETF Holdings Down 5% Since Bitcoin ETF Launch

If it is investors showing a preference for Bitcoin over Gold as an inflation hedge/store of value, that would be pretty fascinating. That would mean Bitcoin is already significantly eating into gold's monetary premium, as it has been eating into silver's for several year already.

When I was playing around with the Nakamoto Simulator https://stacker.news/items/474759/r/Undisciplined, I assumed gold would maintain it's monetary premium for several more decades.