Analysis: Bitcoin and Gold Under Pressure Simultaneously as Market Enters Risk-Off Mode

August 31st. During this month, the data of Bitcoin and Gold ETF shows that the recent fund flows have deviated from historical trends. Usually, the flows of funds in both assets are opposite, but this time both experienced outflows simultaneously. This rare phenomenon reflects the current macroeconomic environment and investor sentiment. The outflows of Bitcoin have not had an impact on Gold. And until the policy path of the Fed becomes clear, both will continue to face pressure. Bitcoin ETF witnessed outflows for six consecutive days and lost nearly $2 billion alone in August. At the same time, major Gold ETFs such as GLDM also experienced outflows of $449 million in a week. Bitcoin ETF finally rebounded at the end of August, with four consecutive days of inflows. Gold ETF also showed net inflows in the last few days of August 2025, similar to the rebound trend of Bitcoin ETF. The uncertainties of the Fed's monetary policy, persistent inflationary pressures, and signs of a weak labor market have made both Bitcoin and Gold unattractive to investors seeking certainty in the face of the unclear actions of the Fed. The market is in a risk-averse mode, where both speculative and defensive assets are struggling to gain momentum and are waiting for the next move of the Fed.