Gold’s slide into a bear market is colliding with an unexpected trend: investors are pouring money into Bitcoin ETFs instead.

This dichotomy is particularly interesting, as the price of gold has declined by over 20% from its January highs, which is enough to qualify as a bear market, whereas U.S. spot Bitcoin ETFs have received over $2 billion in inflows over the last few weeks.

Bloomberg ETF analyst Eric Balchunas tweeted that iShares Bitcoin Trust ETF (NASDAQ:IBIT) is already in the top 2% among all ETFs in YTD flows.

ETF Flows Tell The Real Story

Perhaps the most visible aspect of this is the flow data.

The largest gold ETF, SPDR Gold Shares (NYSE:GLD), recorded a record monthly outflow of…

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