Investors Shift ETF Flows as GLD Drops 2.7% and IBIT Gains 1.5%
Since Feb. 27 escalation of Iran conflict, SPDR Gold Shares (GLD) lost 2.7% of assets under management while BlackRock’s iShares Bitcoin Trust (IBIT) gained 1.5%. Hedge funds boosted IBIT short interest even as spot Bitcoin ETFs dominated retail flows, reversing early-year trends.
1. ETF Flow Divergence
Since Feb. 27 escalation of Iran conflict, SPDR Gold Shares (GLD) experienced outflows totaling approximately 2.7% of its assets under management, while BlackRock’s iShares Bitcoin Trust (IBIT) attracted inflows equaling around 1.5% of AUM.
2. Reversal of Early-Year Trend
Gold ETFs led exchange-traded product accumulation earlier in 2026, but spot Bitcoin ETF inflows have now nearly doubled GLD’s total gains since the start of 2024, marking a significant shift in crisis-hedging preferences.
3. Hedge Fund and Retail Positioning
Retail investors and RIAs are driving the spot Bitcoin ETF bid, whereas hedge funds have increased IBIT short interest and reduced direct Bitcoin exposure, favoring gold funds for defensive positioning as oil surges past $100.