As bitcoin ETFs continue to see inflows roughly six weeks after launching, investor capital has exited gold funds — though some believe the flow relationship is unlikely to last.

While analysts predict bitcoin ETF assets could one day eclipse those within gold funds, industry watchers noted that the two sectors are not directly related.

The 10 spot bitcoin funds that came to market on Jan. 11 have so far tallied net inflows of roughly $5.5 billion. 

Meanwhile the largest gold ETFs — State Street Global Advisors’ SPDR Gold Shares (GLD) and BlackRock’s iShares Gold Trust (IAU) — have endured net outflows of about $2.7 billion and $350 million, respectively, since that date,…

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