The Bitcoin-to-gold ratio shows signs of bullish divergence. MN Capital founder Michaël van de Poppe points out that the daily RSI is diverging from the price, indicating weakening selling pressure. In February, the ratio fell back to the key support level of 12-13, a level that acted as resistance in 2017 and support in 2022 and 2023, potentially serving as a bottom reference for Bitcoin's long-term trend. Meanwhile, Bitcoin ETFs saw net inflows of approximately $906 million over the past month, while the gold ETF SPDR Gold Shares (GLD) experienced a single-day outflow of $3 billion on March 6th, creating a significant divergence. Binance Research notes that current macroeconomic volatility creates "opportunities amidst risks" for Bitcoin. While the US-Israel and Iran conflicts drive market volatility, capital is gradually flowing back into BTC. Although US spot ETF trading volume accounts for only about 9% of total Bitcoin trading volume, still lower than the 30-40% share of US stock market ETFs, this indicates significant room for institutional entry. Historical data shows that both Bitcoin and US stocks tend to rebound strongly after geopolitical turmoil. (Cointelegraph)