Capital flows into Bitcoin ETFs: After the US-Iran conflict, has BTC replaced gold as a safe-haven asset?

Bitcoin Spot ETF Continues to Show Net Inflows After US-Iran Conflict; Bloomberg Analyst Eric Balchunas Says Funds Nearly Recovered Since the Start of the Year

Eric Balchunas, a Bloomberg analyst, posted that the outflows since the beginning of the year have almost been made up! He also pointed out an interesting phenomenon: since the Iran attack and escalating geopolitical concerns, Bitcoin has risen 12%, while gold has actually declined. Does this mean gold as a safe-haven asset has become ineffective, and Bitcoin’s situation is the opposite?

Funds Continue to Flow Into Bitcoin ETFs, Outflows Nearly Reversed

Bitcoin spot ETFs have continued to see net inflows after the US-Iran conflict. According to the latest data from SoSoValue, recent fund flows are as follows:

3/2: +$458 million

3/3: +$225 million

3/4: +$462 million

Bloomberg analyst Eric Balchunas posted that the outflows since the start of the year have almost been recovered!

I don’t actually think this btw, just trying to point out the problem with making these types of damning judgments of an asset based on a short-term window of price action. Gold has my respect as an asset as does bitcoin. Bitcoin’s surge may have little to do w geopolitics but…

— Eric Balchunas (@EricBalchunas) March 5, 2026

Note: According to SoSoValue data, outflows in January were $1.61 billion, in February $200 million, and by March, inflows reached $1.15 billion, leaving about $660 million still needing to be recovered.

After US-Iran Conflict, Gold Declines While Bitcoin Rises 12%

Balchunas pointed out an interesting phenomenon: since the Iran attack and increased geopolitical worries, Bitcoin has risen 12%, while gold has declined. Does this mean gold as a safe-haven asset has failed, and Bitcoin’s situation is the opposite?

However, Balchunas later denied this view, stating he only wanted to highlight that making such hasty judgments about assets based on short-term price movements is biased. He emphasized that he respects both gold and Bitcoin. Bitcoin’s surge may have little to do with geopolitics but rather because the shadow of the Jane Street incident is gradually fading, and market sentiment is changing accordingly. As for those selling gold, they might just be taking profits, while some may be waiting for the next Bitcoin rally.

(Jane Street selling pressure disappears? Can Bitcoin continue to rebound?)

This article about fund inflows into Bitcoin ETFs, and whether BTC is replacing gold as a safe-haven asset after the US-Iran conflict, first appeared on Chain News ABMedia.