SPDR Gold Shares Suffers 2.7% Outflows as Bitcoin ETFs Gain 1.5% Inflows
Since Feb 27, SPDR Gold Shares (GLD) has suffered outflows totaling 2.7% of assets under management while spot Bitcoin ETFs absorbed roughly 1.5% inflows, reversing gold’s early-year advantage. With volatility spiking, Key Advisors Group strategist Eddie Ghabour recommends favoring gold over silver for defensive positioning.
1. Diverging ETF Flows Highlight Capital Rotation
Since the escalation of the Iran conflict on February 27, SPDR Gold Shares (GLD) has seen outflows equal to 2.7% of its assets under management, while spot Bitcoin ETFs captured inflows of about 1.5%. This marks a clear reversal from earlier in 2026 when gold dominated safe-haven flows; inflows into spot Bitcoin funds since January now double the accumulation seen by GLD. Institutional derivatives markets tell a nuanced story: hedge funds have increased short interest in Bitcoin ETFs even as GLD shorts decline, suggesting that registered investment advisors and retail investors treat Bitcoin as a crisis hedge while sophisticated desks hedge downside risk amid rising oil prices.
2. Gold Preferred Over Silver for Defensive Hedge
Amid heightened market volatility, Key Advisors Group strategist Eddie Ghabour advises investors to allocate to gold rather than silver for safety. He cites gold’s superior liquidity and established crisis‐hedge track record compared to silver’s industrial demand-driven swings. This preference could steer further inflows into GLD at the expense of silver-focused ETFs if volatility remains elevated.