Bitcoin, meanwhile, has been having its record outflows amidst the recent correction. Gold price is also on an uptrend above $1,900 while BTC is struggling for a strong move.Gold has been performing well since March as it continues to climb towards its all-time high of $2,075 per ounce from August 2020.Last year, in mid-March, the precious metal prices crashed along with the rest of the asset classes, falling to $1,450. And in less than five months, gold prices surged by over 43%.But even since this ATH, gold has been going down, falling to about $1,675 in March this year. Now, yet again, following the 19.3% drawdown, gold prices are back on track to the upside.This week, it went to $1,912 and is currently trading around $1,890, back at early January levels.Interestingly, the upside in gold prices coincides with the downside in Bitcoin prices which has been falling throughout this month. Last month, BTC made its ATH at nearly $65k and then dumped about 54% to $30k low last week too late January levels.Bitcoin price is being choppy right now, trading between $32k and $42k.As we reported, towards the end of last year, gold started recording huge outflows. In the six months to April, over $20 billion left bullion-backed ETFs. Meanwhile, bitcoin started seeing tons of inflows helping the cryptocurrency break into new highs.But, since late April, bitcoin has been seeing record outflows, though mere 0.2% of total assets under management (AUM). This is the exact opposite of what the bullion has been experiencing.Gold funds have had their biggest two weeks of inflows since October as traditional hedge gets back in the limelight partly at the expense of Bitcoin. While Bitcoin is struggling with weak price actions as it takes rest following its 1,610% uptrend from March 2020 to April 2021, gold is seeing its revival amidst weaker dollar and falling inflation-adjusted yields.“There is still so much confusion between Bitcoin and gold,” wrote Charlie Morris, founder of ByteTree, in a note.“They coexist, and they both thrive in an inflationary environment.”According to Morris, fund flows have an unusually large impact in boosting the gold price, and Bitcoin’s outgoing flows are depressing prices.Investors pulled almost $14 billion from the SPDR Gold Shares ETF through to the start of May; during this period, ETFs tracking gold sold almost 12 million troy ounces. Now, some $1.6 billion has flowed back into the fund to put May on course for the best month since July.SPDR AUM, which had fallen $56.15 billion on March 30 from last August’s $84.24 billion high, is now back at $63.75 billion, as per Ycharts.However, enthusiasm for Bitcoin hasn’t gone away, and Bloomberg Intelligence strategist Mike McGlone, who has a price target of $100,000 per BTC, says there’s still a chance crypto can become a digital reserve asset, and that makes it worth the risk.“Gold may be losing its significance, so it may be simply prudent to diversify,” wrote McGlone.“The human nature of acknowledging a new asset class is what we see as a primary Bitcoin support.”Bitcoin/USD BTCUSD35,760.1845-$3,540.26-9.90%Volume 46.43 bChange -$3,540.26Open$35,760.1845Circulating 18.72 mMarket Cap 669.44 bAnTyAnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.