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资本轮动变得有趣了。
比特币ETF在单日内流入$167M ,打破了流出streak。3月份的流入已经达到~$2.5B,接近翻转YTD成正。
与此同时,黄金ETF大幅流出,约$22B 的流出。
这清楚地表明了叙事的转变——资金从传统避险资产缓慢轮动到数字价值存储。
但放大来看…
BTC/黄金比率仍卡在多年区间内。即使$BTC 在本月相对表现超过~32%,我们还没有脱离困境。
如果这像之前的周期一样演进,在真正的扩张阶段之前,相对于黄金再次下跌的可能性也不能排除。
资金流向变得看涨,但结构仍表明在全面看涨之前需要耐心。