Wall Street’s largest gold fund recently saw an unusual $3 billion one-day outflow from its SPDR Gold Shares, a figure that dwarfed any comparable daily outflow over the previous two years by more than 200%.
The $3 billion one-day outflow from SPDR gold shares — a U.S. gold-backed ETF trading under the ticker symbol GLD — was reported by Kobeissi Letter, more than 200% higher than any comparable daily outflow in the previous two years.
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On the same side of the ledger, bitcoin exchange-traded funds recorded net inflows of more than $900 million in the 30 days ending March 11, surpassing $2 billion a month earlier.
BREAKING: The largest US gold-backed ETF $GLDa record $3.0 billion was withdrawn on Wednesday.
This is +200% higher than any previous large daily breakout seen in the past 2 years.
At the same time, silver ETFs recorded small outflows, while Bitcoin ETFs saw modest inflows.… pic.twitter.com/XF8y99cPSV
— Kobeissi Letter (@KobeissiLetter) March 6, 2026
Viewing ratio
The Bitcoin-to-gold ratio has returned to the support zone near 12-13 – a level that will block further gains in 2017 and then become support in 2022 and 2023.
Analysts say that history gives additional weight to the current price level. Michael van de Poppe, founder of MN Capital, points to the high difference between the correlation and the relative strength index on the daily chart.
In simple terms, this means that there is selling pressure even when prices are under pressure. Whether this signal will hold is another matter, but it has attracted the attention of traders who track Bitcoin’s long-term position against gold.
#Bitcoin vs. gold is currently rising after confirming a bullish divergence.
This should indicate that we are seeing more strength in Bitcoin. pic.twitter.com/vwIpwJ82qz
— Michael van de Poppe (@CryptoMichNL) March 11, 2026
The volatility of ETF holdings reinforces the picture. The Bitcoin ETF’s balance has improved by about 12,900 BTC over the past month, while the ETF’s gold holdings have declined by about 800,000 ounces over the same window. Capital seems to be moving, albeit slowly.
Institutions are coming, but not yet complete
Binance Research noted the current range of market volatility as what it called “opportunity within risk” for Bitcoin.
Bitcoin recently rallied against oil and U.S. stocks and moved in line with broader macro assets as the U.S.-Israeli-Iranian conflict kept global markets on edge. Despite this turmoil, institutional interest has not dried up.
U.S. spot ETFs now account for about 9% of total Bitcoin trading volume. It sounds modest – and it is. In US stock markets, ETFs account for 30-40% of total trading volume. The gap tells its own story about how much room there is for institutional participation to grow.
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History offers a cautionary but interesting example
Mid-term election years have not been good for asset risk. The S&P 500 averaged a 16% decline during those periods.
Bitcoin’s decline was faster, averaging about 56%. But the 12 months following a midterm election, without exception since 1939, have produced positive returns for the S&P 500, averaging 19%.
Bitcoin, which only recorded three years after the average, has gained an average of 54% in all three.
Reports from Binance Research also identified $78,000 as the level that Bitcoin needs to recover to signal a reversal of the broader trend.
BTC was trading around $71,500 at the time of publication. The gap between these two numbers isn’t huge, but in a market that moves so fast, it’s not small either.
Featured image from Incrementumchart from TradingView
