Bitcoin Up 12% In 1 Week, Beats Gold For First Time In Months As ETFs Pour In $800 Million

Bitcoin (CRYPTO: BTC) is outperformed gold for the first time in months, surging 12% since Friday while gold fell 2% as investors poured nearly $700 million into U.S. Bitcoin ETFs in March.

The Gold Reversal

Until this week, the trend had been the opposite. Gold repeatedly hit record prices while Bitcoin tumbled more than 40% from its $126,000 peak in October. 

The shift signals changing safe haven dynamics. Bitcoin appeared stable relative to other assets during the initial Iran selloff. 

By Thursday, stocks were rebounding with Korea’s Kospi index jumping 11% and Japan’s Nikkei 225 rising 4.2%.

OKX SG CEO Gracie Lin explained the liquidity dynamics to Bloomberg: “With macro uncertainty and escalating conflict in the Middle East, markets are increasingly pricing in expectations of more accommodative financial conditions. When liquidity expectations shift, Bitcoin tends to respond disproportionately.”

The $700 Million ETF Inflows

Investors poured nearly $800 million into the U.S. Bitcoin ETFs so far in March. Daily flows show massive institutional buying pressure:

• March 4: $155.19 million
• March 3: $225.15 million
• March 2: $458.19 million
• February 26: $254.46 million
• February 25: $506.51 million

BlackRock’s IBIT led with $155.31 million inflow on March 4, representing the bulk of institutional buying. Fidelity’s FBTC added $48.01 million while Grayscale’s GBTC contributed $21.64 million.

Richard Galvin, co-founder of hedge fund DACM, pointed to Bitcoin’s premium on Coinbase , which reversed from a Sunday discount, as indicative of returning bullish sentiment in the U.S.

Bitcoin Reclaims Key Levels

Bitcoin is trading above the 20 EMA at $69,221 and targeting the 50 EMA at $74,352. 

The Keltner Channels show the upper band at $76,348, middle line at $69,221, and lower band at $62,095. Bitcoin trades within the upper half of the channel, suggesting bullish momentum.

The $60,000-$65,000 support zone held during February capitulation, providing the launchpad for the 19% rally from lows. 

Critical resistance sits at the 50 EMA at $74,352, upper Keltner Channel at $76,348, and psychological $75,000. Support sits at the 20 EMA at $69,221 and the $60,000-$65,000 zone.

Orbit Markets co-founder Caroline Mauron summarized the shift: “Sentiment is turning bullish again in the crypto world. Trading could still be choppy given the geopolitical tensions and macro uncertainties, but the market appears to have turned a corner for now.”

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