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Bitcoin ETFs attract $2.5B as gold funds see outflows — “roles are reversing”
Bitcoin ETFs have attracted around $2.5 billion in inflows, offsetting earlier 2026 outflows and nearing a full year-to-date recovery. Meanwhile, gold ETFs are experiencing capital outflows, reflecting a shift in investor preferences.
Analysts note that Bitcoin and gold are not directly inverse assets, but BTC is showing stronger investor confidence despite a roughly 40% price decline.
According to Bloomberg ETF analyst Eric Balchunas, “roles have essentially reversed.” He highlighted a growing divergence between Bitcoin and gold flows: while major gold funds are losing capital, Bitcoin ETFs are attracting new inflows.
Bitcoin ETFs rebound strongly
Recent data shows that Bitcoin ETFs have drawn about $2.5 billion in inflows this month alone, following earlier outflows that pushed year-to-date figures into negative territory.
Now, according to Balchunas, Bitcoin ETFs are just one strong inflow away from fully recovering their year-to-date losses.
The iShares Bitcoin Trust (IBIT) by BlackRock is leading the trend. It has already erased its losses and ranks among the top 2% of ETFs by inflows in 2026.
Source: Eric Balchunas (X)
Balchunas described this as “incredible resilience,” especially considering Bitcoin has dropped around 40% over the past six months and faced persistent negative media coverage.
Gold ETFs face outflows
At the same time, gold ETFs — traditionally considered safe-haven assets — are seeing notable outflows. Balchunas pointed out that the two largest gold funds recently lost significant capital, contrasting with Bitcoin ETF inflows.
This has created a clear divergence: Bitcoin ETFs are attracting billions, while gold funds have lost billions in recent weeks.
However, Balchunas cautioned against drawing quick conclusions. He explained that Bitcoin and gold both act as stores of value but move independently rather than inversely.
“They are closer to zero correlation than inverse,” he said, emphasizing that short-term trends do not define long-term roles.
“Unusual” investor behavior
One of the most notable observations is how Bitcoin ETF investors reacted to the price drop. Despite a 40% decline, investors largely held their positions and even increased exposure.
Balchunas compared this with gold’s past performance, noting that when gold fell sharply about a decade ago, roughly one-third of investors exited their positions. Bitcoin’s resilience suggests stronger long-term conviction among institutional investors.
Institutional demand continues to grow
ETF inflows are supported by growing interest from traditional finance. Recent developments include new Bitcoin investment product filings from firms like Morgan Stanley and expanded accumulation strategies from major companies such as Michael Saylor’s Strategy.
This suggests continued tightening of supply and potential price support. At the time of writing, Bitcoin is trading around $71,200, up 1.05% over the past day.
With inflows accelerating and sentiment stabilizing, analysts believe Bitcoin may be poised for further recovery as ETF demand continues to rise.
See also: "Bitcoin today: rises above $71K amid mixed signals"
