Strong flows for Bitcoin ETFs have come at a time when gold ETFs have been seeing outflows, as investors increasingly turn to Bitcoin as a hedge against U.S.-based assets.U.S.-based Bitcoin ETFs attracted over $1.8 billion in inflows last week, extending a positive run that began on April 17,2025. The BTC dominance ratio currently sits at its highest level in four years, as major altcoins such as Ethereum, Solana and Dogecoin remain well below highs recorded in January.And while Bitcoin has been profiting at the expense of U.S. government bonds (and recently gold), it has also been increasing its dominance of the cryptocurrency market. Can Bitcoin replace treasury bonds?

