Bitcoin’s role as a safe haven is being tested as investors flock to gold, which has risen to over 3,150 USD per ounce. The S&P 500’s drop of 3.5% and a lesser decline in BTC highlight a transmogrifying investor sentiment towards stable assets.

Net inflows into gold funds surpassed 12 billion USD, reflecting a significant migration of capital from Bitcoin as its ETFs show instability. Investors are currently favoring gold as a more reliable store of value.

Despite current volatility and its classification as a tech asset, Bitcoin is gaining acceptance among institutions for treasury diversification, with expectations that companies will increasingly incorporate BTC into their balance sheets.