Bitcoin books monthly losses as gold hits new highs
In the crypto market, the rolling 30‑day realized profit/loss metric has dipped below zero. That means coins moved on-chain over the past 30 days were, on average, sold for less than their cost basis, with most traders closing positions at a loss.
CryptoQuant’s head of research, Julio Moreno, noted that the market hasn’t seen a 30‑day stretch of realized losses like this since October 2023. A negative reading doesn’t automatically mean price must drop right away. It’s more a sign that sellers are giving up on waiting for a bounce back to their entry.
While crypto digests that message, gold has been moving the other way. On Tuesday, the metal set a fresh all‑time high: spot gold climbed to $4,701 per ounce, and silver briefly touched $94.7. Investors point to rising geopolitical risk and worries about new trade and military flare‑ups. Donald Trump’s talk of fresh tariffs against European countries has returned to the headlines, tied to his push for Denmark to hand over Greenland to the United States. A Bitfinex analyst said the BTC‑to‑gold ratio is down more than 50% from its peak. Last time the ratio hovered around similar levels, Bitcoin eventually began to outperform gold again. For now, he suggested keeping an eye on the ratio as liquidity builds through 2026.
The jitters are showing up in ETFs too. On Monday, U.S. spot Bitcoin funds saw net outflows of about $394.7 million, snapping a four‑day inflow streak worth more than $1.8 billion.
Loss metrics have already crept toward what some traders call a “stress phase”: realized losses are running in the hundreds of millions of dollars per day, and the share of coins sitting on unrealized losses has climbed noticeably. In that setup, gold can easily steal the spotlight, and Bitcoin has to prove that demand for it isn’t driven only by fresh money.
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