Bitcoin Holds Steady as Gold and Silver Lose $700 Billion
While gold and silver sold off hard on dollar strength and Fed expectations, Bitcoin held near $64,000. ETF flows also show how quickly capital is shifting between safe havens and crypto.
Key Takeaways
- Gold and silver together lost about $700 billion in market value and fell below $4,000 and $55.50, respectively.
- Bitcoin stayed steady around $64,000 and was up about 4% on the week.
- ETF flows show a rotation out of gold, with $14.4 billion leaving SPDR Gold Shares since March 1.
Gold and silver shed roughly $700 billion (€610 billion) in market value in just one day, while Bitcoin held near $64,000 (€55,800). In a market where traders are focused on dollar strength, rate expectations, and broader macro pressure, BTC’s relative stability stood out against two of the market’s best-known safe havens.
Gold and Silver Under Pressure
Gold slipped below $4,000 (€3,490), and silver fell back under $55.50 (€48), its lowest level in about seven months. A stronger dollar and growing expectations for rate hikes from the Federal Reserve have kept pressure on both metals. Based on market estimates, that translated into a loss of about $485 billion for gold and another $100 billion (€87.2 billion) for silver.
The sell-off picked up after Iran threatened to close the Bab el-Mandeb Strait, a major route for global shipping. Under normal circumstances, that kind of geopolitical risk would likely send more investors into gold. This time, though, the selling continued. U.S. stocks also came under pressure.
Bitcoin Holds Up Better
Bitcoin was trading around $64,650 (€56,400) on Thursday, leaving it about 4% higher for the week. The asset is now consolidating after a stretch that pushed BTC to record oversold levels versus gold, according to market data. That relative weakness versus gold makes the recent stabilization even more notable. At the same time, Bitcoin still is not behaving like a pure safe haven. Earlier this year, it also moved in step with broader macro stress, much like other risk assets.
Daniela Hathorn, senior market analyst at Capital.com, said Bitcoin is finding its footing in the $64,000 (€55,800) to $65,000 (€56,700) range after the recent volatility. In her technical view, $63,000 (€54,900) to $64,000 (€55,800) is an important support zone, while $65,500 (€57,100) to $66,000 (€57,600) is the first major resistance area. For European crypto investors, that matters because Bitcoin is increasingly trading like a macro asset that reacts to rates, dollar moves, and ETF flows, not just crypto-specific headlines.
ETF Flows Are Changing the Picture
The shift out of gold is also showing up in fund flows. SPDR Gold Shares has seen $14.4 billion leave the fund since March 1, which is more than the $9.6 billion (€8.4 billion) pulled from all spot Bitcoin ETFs since October. It is a reminder of how fast capital can rotate between investment products when market conditions tighten.
The move is also visible beyond the stock market. Antalpha, a Nasdaq-listed lender with ties to Bitcoin mining company Bitmain, holds gold through Tether Gold, a token backed by physical bars stored in Swiss vaults. Because that position can be tracked on-chain, the reduction in gold exposure is even more transparent to the market.
