Bitcoin ETFs saw $167.23 million in inflows on March 24, breaking a three-day outflow streak and bringing March inflows to approximately $2.5 billion. Meanwhile, gold ETFs have recorded over $22 billion in outflows during the same period, as Bitcoin outperformed gold by 32% in March amid geopolitical tensions, according to market data.
The debate between Bitcoin and gold has intensified amidst recent geopolitical turmoil. Since the onset of the West Asia crisis, Bitcoin has gained 8.5%, while gold has dropped 12%, contrary to expectations that it would rally as a safe haven. Bloomberg ETF analyst Eric Balchunas commented on this divergence, stating, “A lot of people were dumping on Bitcoin for not being a safe haven about three months ago, and gold was. Well, the roles have been reversed.” He added that both assets are stores of value, with one being more established and the other newer.
Spot Bitcoin ETFs recorded $167.23 million in daily net inflows on Tuesday, March 24. This positive movement has positioned the ETF complex to potentially flip its year-to-date flows into positive territory. In contrast, gold ETFs have experienced significant outflows exceeding $22 billion over the same timeframe.
The BTC/Gold ratio, which measures Bitcoin’s performance relative to gold, remains within a multi-year range. Market analysis suggests that if Bitcoin underperforms gold by approximately 43%, it could signal a market cycle bottom similar to 2022. Currently, Bitcoin is defending the $68,000 support level and may target $80,000 if ETF inflows continue.
