Recent data reveals a notable divergence: since the Iran conflict erupted, the largest gold ETF (GLD) has experienced net redemptions of approximately 2.7% of assets under management, while BlackRock's IBIT recorded net inflows of approximately 1.5% during the same period (JPMorgan data). This suggests that some safe-haven capital is shifting from traditional gold to Bitcoin, with the "digital gold" narrative transitioning from concept to actual capital flows.

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