Capital rotation is getting interesting.

Bitcoin ETFs just pulled $167M in a single day, breaking the outflow streak March inflows already at ~$2.5B and close to flipping YTD positive.
Meanwhile, Gold ETFs are bleeding hard with ~$22B in outflows.
That’s a clear shift in narrative money slowly rotating from traditional safety → digital store of value.
But zoom out…
BTC/Gold ratio is still stuck in a multi-year range. Even with $BTC outperforming ~32% this month, we’re not out of the woods yet.
If this plays like previous cycles, one more relative dip vs gold isn’t off the table before a real expansion phase.
Flows are turning bullish, but structure still says patience before full conviction.