Gate News reports that on March 12, the Bitcoin-to-Gold ratio showed signs of a bullish divergence. MN Capital founder Michaël van de Poppe pointed out that the daily RSI diverges from the price, indicating weakening selling pressure. In February this year, the ratio fell back to the key support level of 12-13, a level that previously acted as resistance in 2017 and turned into support in 2022 and 2023, potentially serving as a long-term bottom reference for Bitcoin.
In terms of capital flow, Bitcoin ETFs saw a net inflow of approximately $906 million over the past month, while the Gold ETF SPDR Gold Shares (GLD) experienced a $3 billion outflow on March 6, creating a significant divergence.
A certain crypto research firm noted that current macro volatility has created opportunities for Bitcoin. Conflicts between the US and Iran have driven market fluctuations, but capital is gradually flowing back into BTC. Although the trading volume of US spot ETFs accounts for only about 9% of total Bitcoin trading volume—still below the 30-40% level of US stock market ETFs—indicating ample room for institutional entry. Historical data shows that after geopolitical turmoil, both Bitcoin and US stocks tend to rebound strongly.
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