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Bitcoin and gold have marked significant gains in the first quarter of 2024, with Bitcoin surging over 60% to trade above $70,000, nearing its all-time high of around $73,500. Meanwhile, gold also showcased strength, increasing by more than 7% and trading at over $2,200, close to its peak. This impressive performance reflects a solid investor confidence in both assets as safe havens. Notably, their correlation has soared to 0.88 over the past five years, highlighting one of the strongest connections seen between the two, suggesting that investors view them as comparable protective investments.
Amidst this backdrop, Gold ETFs have witnessed a turnaround, with inflows picking up in the past week after earlier outflows in 2024, according to BOLD.report. This shift, possibly inspired by the triumphs of Bitcoin ETFs, indicates a realignment of investor interest towards gold’s high values. With both Bitcoin and gold continuing their robust performance, their parallel roles in investment portfolios stand out more than ever, offering alternative options in a fluctuating market environment.
