Analysis: Bitcoin shows bullish divergence against gold, with increased institutional inflows suggesting that "opportunity lies within risk."
According to Cointelegraph, the Bitcoin-to-gold ratio shows signs of bullish divergence. MN Capital founder Michaël van de Poppe pointed out that the daily RSI is diverging from the price, indicating a weakening of selling pressure. In February of this year, the ratio fell back to the key support level of 12-13, which was a resistance in 2017 and has turned into support in 2022 and 2023, potentially becoming a reference for the long-term bottom trend of Bitcoin.
Meanwhile, Bitcoin ETFs saw a net inflow of approximately $906 million over the past month, while the SPDR Gold Shares (GLD) ETF experienced a $3 billion single-day outflow on March 6, creating a significant divergence.
Binance Research noted that the current macro volatility has created "opportunities in risk" for Bitcoin. The conflict between the U.S. and Iran is driving market fluctuations, but capital is gradually flowing back into BTC. Although the trading volume of U.S. spot ETFs accounts for only about 9% of the total Bitcoin trading volume, which is still below the 30-40% level of the U.S. stock market ETFs, it shows that there is still significant room for institutional entry. Historical data indicates that both Bitcoin and U.S. stocks often experience strong rebounds after geopolitical turmoil.
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