Hey! You’ve probably noticed that amid recent macroeconomic turbulence, gold and silver are climbing steadily, while Bitcoin—despite attempting to break above $92,000—pulled back again. It seems strange, right? Both crypto and precious metals are considered safe havens. So what’s going on?

Chinese analysts from QCP Capital have offered a clear explanation for this divergence. Let’s break down how big money is currently repositioning in the face of rising risks.

What Happened?

It all started with a sharp drop in the U.S. dollar during the Asian trading session. Typically, this is a trigger for alternative assets like gold, silver, and yes, Bitcoin. And that’s what happened—but only partially. While precious metals continued their rally, Bitcoin failed to hold above the key resistance level and retreated by the time European trading began.

The Root of the Problem: Doubts About the Fed

The main cause of this volatility was statements from Jerome Powell. The conflict between the Fed and the U.S. Department of Justice, along with hints of potential criminal charges, were perceived by markets as an attack on the independence of the world’s leading financial regulator.

Here’s the psychology behind it: Even if the short-term economic impact is limited, the very fact of pressure on the Fed erodes institutional trust. Historically, during such moments, capital flows into classic, time-tested safe havens—gold and silver. Their current rise is a direct response to macroeconomic uncertainty.

And What About Bitcoin?

Despite their status as “digital gold,” cryptocurrencies still carry a premium for macro risk and higher volatility. QCP notes that Bitcoin repeated a “familiar Q4 pattern”—a sharp spike on the news, followed by an inability to sustain highs without steady, long-term capital inflows.

Derivatives market data confirms this:

Investors are taking profits on near-term call options.

Demand is shifting to contracts with later expiries and higher strike prices (meaning there’s no confidence in an immediate rally).

Selling pressure during U.S. trading hours and overall uncertainty are limiting upward momentum.

The Bottom Line: A Battle for Safe-Haven Status

This situation clearly shows the current hierarchy: during times of acute macro volatility, traditional safe-haven assets (gold) are still outperforming digital ones (Bitcoin) in the eyes of big capital. The appeal of crypto markets is being challenged, and money is flowing into more familiar assets.

What’s Next? This Week Will Be Decisive.

Markets are on hold ahead of two key events:

U.S. inflation data (CPI) — January 13.

The Supreme Court’s ruling on tariffs — January 14.

These events will trigger the next wave of capital reallocation. If doubts about the Fed’s independence persist and the macro backdrop remains negative, gold may continue to rise. For Bitcoin, however, breaking upward will require more than just a weaker dollar—it will need clear signals of rate cuts or strong institutional inflows.

What do you think—can Bitcoin reclaim the initiative from gold and become the ultimate safe haven, or is it still too early for it to claim that title in the eyes of traditional investors?

$BTC #BTC #bitcoin