In the shadow of Wall Street’s opening bell on February 11, 2025, Bitcoin (BTC) relinquished its fleeting triumphs, much like a child losing a prized toy. Meanwhile, gold, that ancient relic of wealth, basked in the glow of its latest all-time high, consolidating its position as the darling of the financial world.
Binance‘s Blunder: A Comedy of Errors for BTC
Data from CryptoMoon Markets Pro and TradingView revealed a shocking spectacle: BTC/USD plummeting by $1,500 in a single hour, as if it were auditioning for a tragic play.
Rumors swirled that Binance, the global crypto exchange, had offloaded nearly all its Bitcoin, Ether (ETH), and Solana (SOL), sending traders into a frenzy. The ensuing chaos was reminiscent of a soap opera, with Binance vehemently denying the claims, as if to say, “It wasn’t me!”
As Wall Street began its daily dance, BTC’s price action struggled, while gold, ever the diva, cooled its meteoric rise into the realm of price discovery.
Gold reached a staggering $2,942 per ounce, leaving many to wonder if it had discovered the secret to eternal youth.
“Physical gold BUYING has gone apocalyptic!” exclaimed The Kobeissi Letter on X, as gold inventories in the three largest COMEX vaults surged by 15 MILLION ounces in just two months. Talk about a gold rush! 🏃♂️💨
“That’s a +115% increase, putting physical gold holdings ABOVE 2020 pandemic levels.”
Kobeissi attributed this phenomenon to US liquidity injections and the ever-looming specter of inflation. “The US has borrowed $838 BILLION in the first four months of FY 2025,” they lamented, as if the national credit card was maxed out.
“This is crushing bond prices as treasury yields are driven higher. Gold’s position as the global hedge has only grown as a result.”
Counting Down to Bitcoin’s Imitation Game
Despite the chaos, some remained optimistic that Bitcoin would eventually follow gold’s glittering path—albeit after a customary three-month delay, because who doesn’t love a good cliffhanger?
Among the hopeful was crypto trader and analyst Michaël van de Poppe, who declared, “Bitcoin is likely to print new all-time highs.” A bold proclamation, indeed! 📈
“Gold has been printing strong all-time highs, and I think we’ll see the same for Bitcoin in the coming 2-3 weeks.”
His chart suggested an “ideal zone for entries” on BTC/USD hovering around $90,000, as if it were a treasure map leading to untold riches.
Charles Edwards, founder of Capriole Investments, likened the current situation to the summer of 2024, as if we were all stuck in a time loop.
“As long as Gold keeps trending, Bitcoin almost always sees a comparable (bigger) breakout within 3-6 months. Hoping it’s on the short end of that horizon
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2025-02-11 18:33