In a striking divergence within the asset management world, the SPDR Gold Shares ETF (GLD) has recorded its largest weekly outflow in history, while U.S. spot Bitcoin exchange-traded funds (ETFs) have notched their second consecutive week of net inflows, breaking a five-month streak of withdrawals.
The gold market witnessed a historic shift as data from Katusa Research revealed that more than $4.2 billion exited the GLD fund in the week ending March 5, 2026. This outflow is the largest single-week withdrawal since the ETF's launch nearly two decades ago. The move is notable as it occurred while gold was trading near record highs, around $5,173 per ounce, suggesting some investors may be taking profits after a strong rally earlier in the year. An alternative interpretation is that institutional investors are converting their ETF exposure into physical gold, a trend supported by sustained central bank buying and geopolitical tensions.
Simultaneously, Bitcoin ETFs are showing signs of renewed institutional interest. According to data from SoSoValue, U.S. spot Bitcoin ETFs brought in approximately $568 million this week, following roughly $787 million in inflows the prior week. This marks the first back-to-back weeks of net inflows since early October 2025, ending a five-month period of consistent outflows that saw a total withdrawal of about $3.8 billion. Fernando Nikolić, Blockstream’s director of marketing, highlighted on social media that U.S. spot Bitcoin ETFs have pulled in roughly the same cumulative investor money as gold ETFs did in their first 15 years, achieving this milestone in under two years.
The daily flow picture, however, reveals underlying volatility. This week, Bitcoin ETFs saw strong inflows of $458 million on Monday, $225 million on Tuesday, and $462 million on Wednesday. This was followed by outflows of $228 million on Thursday and nearly $350 million on Friday, indicating persistent investor caution. Ether ETFs followed a similar, smaller-scale pattern, recording their second straight week of net inflows with about $23.56 million this week.
