The Bitcoin and gold debate is on the agenda again. Since the West Asian crisis began, Bitcoin has gained 8.5%, strengthening its protection against geopolitical tensions. By contrast, gold fell 12 percent, defying expectations that it would recover during the war as a safe haven.
In fact, gold has fallen twice as much as U.S. stocks over the same period (a 5.6% decline, trailed by the S&P 500). This was surprising considering gold outperformed BTC in Q4 2025 and early 2026.
Commenting on the difference, Bloomberg ETF analyst Eric Balchunas noted:
About three months ago, many people were investing in Bitcoin because it was not a safe haven, and so was gold. Anyway, the roles have changed. I don’t think you should judge these assets for weeks or months anyway.
He added that both are stores of value, noting that one is sturdy while the other is a little younger. In a separate post on
BTC and gold: ETF inflows diverge
On Tuesday, March 24, Spot BTC ETFs achieved a daily Net Inflow of $167.23 million, breaking a three-day outflow streak. In March alone, the ETF complex generated $2.5 billion in net inflows and is on the verge of turning year-to-date (YTD) flows positive.
In comparison, gold ETFs recorded outflows of over $22 billion during the same period. If BTC’s resilient performance continues and ETF inflows turn to gold, the crypto asset could gain more traction in the near term.
However, the BTC/Gold ratio, which tracks BTC’s relative performance against gold, was still in a multi-year range.
In March, Bitcoin It has outperformed gold by 32%, but if a crypto winter bottom like the one in 2022 materializes, the ratio could tag the lower end of its range at 9.
This means BTC is near a market cycle bottom, but is underperforming gold by +43% before a sustained bounce.
In fact, the above viewpoint has been widely supported by Fidelity, which believes that the $60k level is the likely bottom for the current market cycle. At the time of writing, BTC defended the $68 thousand support and eye 80 thousand dollars If ETF inflows expand.
Final Summary
- BTC ETFs attracted $2.5 billion in net inflows in March and may turn YTD flows positive as well.
- However, gold ETFs have seen consistent outflows as BTC has emerged as a relatively better safe haven during the West Asian crisis.
