The debasement trade, also known as the sound money or hard asset trade, is well and truly alive. Bitcoin (BTC), at more than $120,000, sits just a stone’s throw from its all-time high of $124,000. Meanwhile, gold has almost gained 50% year-to-date, setting fresh record highs almost daily and now trading just below $3,900.

Exchange-traded fund flows highlight the enthusiasm behind this trade. Both BlackRock’s iShares Trust (IBIT) and the SPDR Gold ETF (GLD) ranked among the top 10 most traded ETFs on Thursday, a rare occurrence according to Bloomberg Senior ETF analyst Eric Balchunas.

The GLD saw $4.88 billion in volume, making it the fourth most traded ETF, while IBIT came in seventh with $3.21 billion. The top traded ETF was the SPDR S&P 500 ETF (SPY) with more than $26 billion in volume.

«Everyone wants in on the the debaser trade I guess,» said Balchunas.

Comedian and sound money advocate Dominic Frisby told CoinDesk exclusively that both bitcoin and gold share a unique property: they cannot be printed by governments.

Frisby: “Bitcoin’s within a couple of percent of all-time highs. Gold’s at all-time highs. Silver’s closing in on all-time highs. It’s almost as though people are losing faith in fiat. Nothing lasts forever, of course. But those major monies which are immune to government debasement are having their day in the sun. Again.”

Silver has surged alongside gold, currently trading just below $48, its third-highest level behind peaks in 2011 and 1980. Interestingly, in both of those years, silver’s top coincided with gold’s. If history rhymes, this could suggest that when silver ends its parabolic run, gold may top as well. That scenario just might create the path to even more upside potential for bitcoin.