Recent investment trends focus on BTC and gold, with the market rally driven by retail and speculative institutional investors

The Block cites a JPMorgan report that the recent Bitcoin rally has been driven by retail and speculative institutional investors. "The recent surge in crypto markets has been driven more by retail and speculative institutional investors buying both gold and bitcoin futures than by investors switching from gold to bitcoin," JPMorgan said. "Bitcoin spot ETFs have seen large inflows since launch, while gold ETFs have seen outflows. A common interpretation of this is that investors are switching from gold to bitcoin, but we don't think that's the case. Investors and institutional investors have been buying both gold and bitcoin futures," said Dr. Javier Gutierrez, Head of Investor Relations at Fidelity. "Outflows from gold ETFs are not a new phenomenon this year. Over the past four years, investors have been turning to physical gold, such as bullion, instead of gold ETFs for privacy and tangibility reasons."

Meanwhile, Bloomberg analyst Eric Balchunas reported via Official X that "With March only half over, monthly trading volume across 10 Bitcoin ETFs topped $65 billion. This surpasses monthly volumes in January and February."