Gold Futures Surpass $3,000 an Ounce as Bitcoin Struggles
The recent market conditions have highlighted gold's status as a safe-haven asset, with April gold futures surpassing $3,000 per ounce, marking a historic milestone. Key points include:
- Gold is up 15% year-to-date, while Bitcoin has declined by 12%, hovering around $80,000.
- U.S. spot Bitcoin ETFs saw inflows decline from $40 billion to approximately $35 billion.
- The S&P 500 has fallen over 10%, entering correction territory amid geopolitical tensions and economic uncertainty.
- Rising inflation expectations and declining consumer confidence are contributing to gold's rally, according to Bitwise’s Andre Dragosch.
Crypto Events
- March 15: Launch of Athene Network (ATH) mainnet.
- March 17: CME Group launches Solana (SOL) futures.
- March 21: U.S. SEC hosts a roundtable on the definition of securities.
Market Updates
As of the latest data:
- BTC: Up 2.93% at $82,739.17
- ETH: Up 2.38% at $1,890.23
- Gold: Up 0.71% at $3,000.95/oz
- S&P 500: Closed -1.39% at 5,521.52
ETF Flows
Spot BTC ETFs reported:
- Daily net flow: -$135.2 million
- Cumulative net flows: $35.35 billion
The Gold/BTC ratio has reached its highest level since November 2024, indicating increased investor preference for gold in uncertain times.