Bitcoin prices have reached new record highs, trading well above $65,000 per ounce.

Some analysts believe that the growth of the main digital currency was caused by the launch of the first bitcoin ETF in the United States.

According to Tuesday's trading data, the ProShares Bitcoin Strategy (NYSE arca: BITO) ETF was created during the first trading session, trading 24 million shares. This was the second-largest debut of an ETF in the entire history of observations.

When bitcoin reached a new all-time high, BITO rose by almost 8% on the second day of trading, last seen at $43.17 per share.

Due to the fact that the cryptocurrency market is gaining momentum and receiving new attention, some investors are wondering what impact this could have on the precious metals market. Many analysts note that the strong rally of digital currencies this year was a significant factor that influenced the low performance of gold.

Currently, gold prices are struggling to rise above $1,800 per ounce. And although Bitcoin has lost some of its influence in the precious metals sector, some analysts do not believe that the new ETF will change the rules of the game for gold.

Phil Streible, Blue Line Futures chief market strategist, explained that owning a bitcoin ETF is not the same as owning the digital currency itself.

The new ETF tracks bitcoin futures contracts on CME, which are settled in cash. According to some analysts, BITO is a transaction based on the price of bitcoin, not on the market.

According to Streible, ETFs can create a lot of problems for traders, so the momentum will change after a few days of hype.

Mike McGlone, the senior commodities strategist at Bloomberg Intelligence, also agreed with his opinion.

On the other hand, Equiti Capital's market analyst David Madden said that the new bitcoin ETF gives the cryptocurrency market another level of legitimacy that will continue to attract more mainstream hedge funds. However, he added that he does not think that this will change the rules of the game in the gold market.

It is clear that Bitcoin's strong rally and the new ETF did not go well for gold. However, the main problem for the precious metal is the strength of the US dollar with good bond yields.

The opinion of the chief market strategist of SIA Wealth Management, Colin Cieszynski, coincided with colleagues, and he also believes that the ETF distracts investors' attention from gold. He also thinks that the two alternative assets will find balance at some point and will eventually coexist together in the market.