Bitcoin ETFs Pull in ₱143.96 billion ($2.4 billion) as Gold Posts Record ₱419.89 billion ($7 billion) Exit

US spot Bitcoin ETFs absorbed approximately ₱145.16 billion ($2.42 billion) of net inflows across the four calendar weeks that ended March 20. That's the strongest inflow streak so far in 2026 and the longest run since August and September 2025, when the 12 Bitcoin funds combined for more than ₱227.94 billion ($3.8 billion).

SPDR Gold Shares, the largest US gold-backed ETF, recorded $7.07 billion in outflows during March alone—beating the previous monthly record of $6.8 billion set in April 2013. Global gold and precious-metals funds posted $5.19 billion in weekly net outflows through March 18, the largest weekly withdrawal since at least August 2018, according to LSEG Lipper data. Money market funds took in $32.57 billion during the same week.

Spot gold traded near $4,388 per ounce on March 23, down roughly 22% from its January 29 record of $5,594.82. The metal has declined about 17% since the Middle East conflict began on February 28, officially pushing it into bear market territory. Bitwise noted that Bitcoin and other major cryptoassets have outperformed US equities and gold since the beginning of March, with the shift potentially pointing to the early stages of a rotation.

The volatility gap explains part of the divergence. State Street Global Advisors outlined the difference in its March gold monitor: Bitcoin's 10-year rolling 30-day average volatility sits around 52.0, while gold's is just 13.6. Between January 2016 and February 2026, Bitcoin recorded 30 months with losses greater than 8%. Gold recorded one.

Bitwise cautioned that recent price action may reflect temporary volatility or isolated liquidity events, adding that gold has historically led Bitcoin by four to seven months. The Federal Reserve projected its benchmark rate at 3.4% by the end of 2026, while core personal consumption expenditures inflation remained at 2.7% as of February 2026.