Bitcoin ETF flows have turned net positive over the past 30 days, contrasting with a slowdown in gold ETF demand. Analysts are examining this divergence as a potential signal of a rotation in investor preferences between the two assets. The shift occurs amid elevated gold prices and cooling Bitcoin sentiment.
Exchange-traded fund flows for Bitcoin and gold have exhibited contrasting trends recently. Bitcoin ETF 30-day net flows shifted to a $273 million inflow by March 6 from a $1.9 billion outflow in February. Gold ETF demand has started to slow after nine consecutive months of inflows, with the largest US gold-backed ETF, GLD, recording a $3 billion outflow on Wednesday.
Holdings data measured in native units underscore the divergence. Bitcoin ETF balances moved to a net increase of 4,021 BTC, while gold ETF holdings declined from 1.4 million ounces to 621,100 ounces over the same period. “Gold is stalling out while bitcoin is soaring,” stated Head of Growth at Horizon, Joe Consorti.
Fidelity Digital Assets analyst Chris Kuiper noted in a report that gold’s 65% return in 2025 was historically significant. “Historically, gold and bitcoin have taken turns outperforming. With gold shining in 2025, it would not be surprising if bitcoin takes the lead next,” Kuiper said. Historical analysis of the Bitcoin-to-gold ratio shows past rotations involved a consolidation phase before a sustained trend.
Kuiper added that both assets can benefit from persistent fiscal deficits and geopolitical uncertainty. The ongoing US-Israel and Iran war has reinforced demand for traditional safe-haven assets. Macroeconomic strategist Lyn Alden expects Bitcoin to outperform gold over the next two to three years.
