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Gold holding near $4,700 after $6.38B entered global physical gold ETFs last week is more than a defensive signal. With Citi pointing to futures-led momentum while Asian physical demand remains soft, the move appears increasingly shaped by institutional allocation rather than broad end-user demand. BTC staying near its rebound highs adds a useful test: parallel strength in gold and spot BTC ETF flows would suggest investors are expanding non-sovereign exposure, not simply rotating into safety. Divergence would reveal a clearer preference between defense and higher beta. Not advice, just analysis. #GoldVsBTCETFFlows