Bitcoin is bleeding. The flagship asset of the crypto-sphere has just touched the low zone of $90,000. Crypto traders are holding their breath. The statistics make you cringe: realized losses, sales at a loss, negative flows on ETFs. Meanwhile, gold is climbing, driven by fear and global tensions. In this electric climate, two narratives oppose each other: that of doubt and that of resilience.
In brief
- Bitcoin is experiencing its first realized losses over 30 days since October 2023.
- Gold hits a historic record at $4,701 per ounce, an absolute refuge for investors.
- Bitcoin ETFs see net outflows exceeding US$394 million.
- Institutions continue to accumulate BTC despite the nervousness of the global crypto market.
The 30 days of losses: a sign of Bitcoin running out of steam?
Some analysts predict an imminent return of buyers. But another fact stands out: for the first time since October 2023, bitcoin holders record net losses over thirty days. According to CryptoQuant, the “Realized Profit/Loss” metric has just returned below zero, proof that recent sales concern tokens acquired higher.
Julio Moreno, head of research at CryptoQuant, summed it up on X:
Bitcoin holders have recorded losses over a 30-day period since the end of December, for the first time since October 2023.
Glassnode analysts confirm: new BTC buyers have an average entry price of $98,000. As long as this threshold is not recovered, profitability remains negative. This situation reflects a phase of running out of steam in the bullish cycle. But in the memory of crypto, these phases of doubt often precede the most violent rebounds.
Gold triumphs, crypto stumbles: when fear redraws the risk map
While bitcoin falters, gold hits an all-time high at $4,701 an ounce. Geopolitical tensions and Donald Trump's tariff threats against Europe have awakened the reflexes of flight towards safe assets. Bitcoin ETFs saw nearly $395 million in net outflows.
The contrast strikes crypto investors: gold attracts capital, crypto contracts.
The BTC/gold ratio has fallen 52% since its peak, according to Bitfinex. The last time it touched these levels, Bitcoin ended up outperforming gold a few months later.
Crypto traders oscillate between fear and patience: history shows that when flows leave risky assets, strong hands begin to reposition themselves. The market seems to be on hold, suspended both from American political decisions and from the psychological resistance of $100,000.
Institutions stay the course: the silent confidence of the crypto world
While panic spreads among individuals, institutional investors continue to strengthen their positions.
According to Ki Young JuCEO of CryptoQuant:
Institutional demand for Bitcoin remains strong. US custodial wallets typically hold between 100 and 1,000 BTC each. Excluding exchanges and miners, this gives a fairly accurate estimate of institutional demand, ETFs included.
These figures confirm that patient capital remains anchored. Large funds are taking advantage of corrections to accumulate BTC at a reduced price.
Yet volatility did not abate: Bitcoin briefly fell to $91,800, leading to 233 million long liquidations. Despite everything, the market maintains a bullish structure. Altcoins – from SOL to XRP – are suffering, but crypto retains its potential.
Five benchmarks of the Bitcoin market
- Current BTC price: $89,506;
- 30 days of losses: first time since 2023;
- Bitcoin ETF: – $394.7M;
- Gold: record at $4,701/oz;
- 577,000 BTC accumulated by institutions.
A new parameter is emerging in this tense market: Bitcoin options are now outperforming futures contracts. This shift shows that traders prefer to protect themselves rather than speculate. This turning point, discreet but structuring, illustrates the maturation of the crypto market. Less frenzy, more risk management: perhaps the true sign of an ecosystem that is learning to absorb shocks without breaking.
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