Bitcoin–gold ratio rebound signals potential opportunity window

MN Capital founder Michaël van de Poppe highlighted a bullish shift in Bitcoin’s long-term trend versus gold after the BTC–gold ratio formed a bullish divergence with the daily RSI. The ratio retraced to a key support area near 12–13, a level that acted as resistance in 2017 before turning into support in 2022 and 2023, which may mark a potential bottom for Bitcoin against gold.

ETF flows have shifted noticeably. The US gold-backed ETF SPDR Gold Shares (GLD) logged a $3 billion outflow on March 6, a move the Kobeissi Letter said was 200% larger than any prior large daily outflow over the past two years. At the same time, 30-day Bitcoin ETF flows improved to $906 million in net inflows on March 11 from a $1.9 billion outflow a month earlier, and BTC ETF balances rose to a +12,909 BTC change from -34,197 BTC while gold ETF holdings fell to roughly 606,850 ounces from 1.4 million ounces on Feb.

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