Share this article
Gold Jumps to New Record, for Now Winning Debate Against Bitcoin as Risk-Off Asset
The yellow metal has risen as stocks (and bitcoin) have crumbled over the past few weeks.
Updated Mar 13, 2025, 4:31 p.m. Published Mar 13, 2025, 4:15 p.m.
What to know:
- Stocks are headed lower again on Thursday, pulling bitcoin down alongside.
- Gold continued to shine during this big risk asset drawdown, rising to a new record and within a few dollars of hitting $3,000 per ounce for the first time.
- Gold ETFs are enjoying their largest inflows since 2022, while spot BTC ETFs have bled $5 billion since February, highlighting where capital is flowing during the current market correction.
After the meekest of rallies yesterday following some soft inflation numbers, U.S. stocks Thursday are once again headed sharply lower and apparently pulling bitcoin (BTC) along for the ride.
Just ahead of the noon hour on the east coast, the Nasdaq is lower by 1.7% and the S&P 500 by 1.2% After pushing to nearly $85,000 on Wednesday, bitcoin has retreated all the way back to $81,000, off 1% over the past 24 hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Gold, though, is doing what it's been doing for a thousand years — providing a haven during times of distress. The yellow metal is ahead by 1.5% to a new record high and within $10 of pushing through $3,000 per ounce for the first time ever.
Since the Nasdaq peaked for the year three weeks ago, that gauge has dropped almost 15%. Gold over that time frame has gained about 1%, while bitcoin is lower by nearly 20%.
The current outperformance might remind investors of the late summer/early fall of 2024, when crypto markets along with stocks treaded water in a sideways range while gold carved out new highs. While BTC consolidated between $50,000 and $70,000 between March and October, gold climbed almost 40% to $2,800. Bitcoin eventually rallied to above $100,000, buoyed by Trump's election victory, while the gold gains stalled as money flowed from havens into risk assets.
Highlighting where the capital is flowing, gold exchange-traded funds enjoyed their largest 30-day average inflows since early 2022, adding 3 million ounces worth of yellow metal to the funds, according to Bold.report data.
In contrast, U.S.-listed spot bitcoin ETFs saw $5 billion in outflows in since February, experiencing the worth negative streak in their one-year history, per SoSoValue data.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
