Fidelity: ETP Flows Show Bitcoin-to-Gold Rotation Easing After $61.5B Peak

Fidelity macro director Jurrien Timmer said ETP flow data through March 30, 2026 shows a prior rotation from Bitcoin into gold and signs it may be reversing. Bitcoin cumulative ETP flows fell from an approximately $61.5B mid-2025 peak to $54.5B, while gold and silver ETP flows rose to $27.4B. Since the U.S.-Iran conflict began, Bitcoin gained 2.2% (about $65,800 to $67,300) as gold fell 11% and the S&P 500 dropped 4.4%.