Cathie Wood Says Bitcoin Is Turning Against Gold as Spot ETFs Post $241M Inflows

• Bitcoin vs gold narrative is shifting as Cathie Wood says the relationship between the two assets has turned negative, with Bitcoin showing stronger relative momentum
• Bitcoin ETFs recorded $241M in weekly inflows for a third straight week, supporting the Bitcoin price as institutional demand remains steady
• The Gold price fell 6.6% in September amid higher Treasury yields and a stronger dollar, creating a changing backdrop for Bitcoin and gold

The tides are changing for Bitcoin, as the asset now is encountering a new shift in its pattern. The Bitcoin vs. gold relationship is changing, as outlined by Ark Invest’s Cathie Wood. Wood is of the view that Bitcoin vs. gold sentiment is changing, and that the falling gold prices are giving Bitcoin more room to outperform. She added how the relationship between the two assets has evolved to a point where it has become negative. This can be a turning point for the Bitcoin price if the asset continues to bank on the recent market momentum.

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Bitcoin Gains While Gold Weakens

This shift has come after a difficult period for the gold price. Gold futures have fallen by 6.6% to settle around $4186. Higher Treasury yields and a stronger US dollar are adding more pressure on the asset. Bitcoin, on the other hand, is showing signs of vitality. The asset ended September on a very strong note, gaining more than 40% during Q3.

Cathie Wood outlined the same sentiment, adding how the Bitcoin vs. gold narrative has now turned negative. Both assets have recently been moving in opposite directions. ARK Invest’s earlier research outlined a correlation of around 0.1 between the two assets. That relationship has now turned negative, highlighting how the relationship between the two assets can shift over time.

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Bitcoin ETFs Continue to Grow

Another leading factor supporting Bitcoin’s price at the moment is the steady streak of Bitcoin ETFs. Spot Bitcoin ETFs ended up recording $241M in net inflows between September 28 and October 2. This marked their third consecutive week of net inflows, representing continued Bitcoin demand.

The latest weekly inflows followed a strong September streak as well. During the month, Bitcoin ETFs attracted nearly $2.65B, marking September as the second-biggest inflow month since October 2025.

“Spot Bitcoin ETFs Recorded $241 Million in Net Inflows Last Week, Marking Three Consecutive Weeks of Net Inflows. From September 28 to October 2 (ET), U.S. spot Bitcoin ETFs recorded $241 million in net inflows, marking three consecutive weeks of net inflows. Spot Ethereum ETFs recorded $138 million in net outflows, led by Fidelity’s FETH with $74.0624 million in outflows.”

This combination of stronger ETF demand and Bitcoin’s changing relationship with gold could give the asset a stronger demand backdrop. However, the inflows alone do not guarantee that Bitcoin will continue to rise.

Weaker gold prices are also adding to the changing market backdrop, while investors will be watching whether Bitcoin can sustain its momentum and eventually challenge new highs.

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