Latest data from ETF funds point to an interesting development in the alternative assets market. While gold ETFs are beginning to record significant capital outflows, Bitcoin ETFs have returned to positive figures after an extended period. Analysts are therefore starting to discuss whether investor capital is gradually shifting from gold to Bitcoin.
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Gold ETFs Face Outflows, Bitcoin Funds Return to Growth
In recent weeks, a difference has become apparent between the flow of capital into gold and Bitcoin ETFs. The largest gold ETF, SPDR Gold Shares (GLD), recorded a one-time outflow of approximately $3 billion according to analysts at The Kobeissi Letter, marking the largest single-day withdrawal in more than two years. The move occurred shortly after gold prices fell 4.4%, despite gold ETFs recording strong capital inflows at the beginning of the year.
On the opposite side stand Bitcoin ETFs, which have begun to stabilize after a prolonged period of outflows. Over the past 30 days, net capital flows have turned positive and reached approximately $273 million. Yet in early February, the funds were recording net outflows around $1.9 billion. The data also shows a change in holdings—Bitcoin ETF reserves increased from negative 42,275 BTC to positive 4,021 BTC, while the amount of gold in the funds fell from approximately 1.4 million ounces to roughly 621,100 ounces.
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Bitcoin Could Take the Lead After a Strong Year for Gold
According to some analysts, the current development could indicate the beginning of a broader shift in investor preferences. Joe Consorti from Horizon pointed out that gold is beginning to lose momentum while Bitcoin is gaining traction. Improving economic activity in the United States and growing investor appetite for risk could, in his view, support a transition from so-called “risk-off” assets, to which gold traditionally belongs, to more dynamic investments, which include Bitcoin.
History shows that similar rotations between gold and Bitcoin are not uncommon. Fidelity Digital Assets analyst Chris Kuiper noted that both assets have regularly alternated in periods when one outperformed the other. Gold had an exceptional 2025, with its price rising approximately 65%. According to some experts, it is therefore not ruled out that Bitcoin could come to the fore in the next market cycle, although potential capital rotation between these assets typically occurs gradually and can last several months.
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