Bitcoin’s “digital gold” promise is unraveling as traders forgo the token for surging metals, hurting a narrative that once defined the asset’s macro appeal.
The shift is visible not just in asset moves, but in where capital is moving — from traditional funds to blockchain-based trading venues. Over the past week, precious metal funds soaked up $1.4 billion in fresh cash while Bitcoin-linked funds saw roughly $300 million in withdrawals as the token slumped to almost $86,000. At the same time, spot gold surged past $5,500, and silver broke $118 per ounce, fueled by a four-year low in the dollar and geopolitical stress.
