In Singapore on Friday, Bitcoin dropped as much as 3.9% to $81,102, its lowest level since November 21, continuing a decline that picked up speed overnight. It is now down more than 34% from an all-time high hit on Oct. 6. CoinGlass data shows that over $1.5 billion in bullish holdings across all tokens have been liquidated in the last day.
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The 12 US-listed spot Bitcoin ETFs have seen net redemptions for three months running. If this pattern continues through the end of January, this will be the longest run of outflows since the vehicles’ introduction in 2024.
The current spike in gold and other precious metals contrasts with Bitcoin’s decline as investors turn away from cryptocurrencies in favour of more conventional safe-haven assets in order to escape geopolitical unpredictability. This casts doubt on assertions that the token serves as a form of “digital gold.”
Measuring Bitcoin’s value in the precious metal itself is one approach to determine whether it is living up to its potential as digital gold. It is failing on that metric, falling over 60% in gold values from its peak in late 2024.
(Edited by : Juviraj Anchil)