Bitcoin volatility and pullback —Bitcoin retraced about 2–3% in 24 hours, dipping to roughly $73,000 before rebounding near $76,000 on Feb 4. Short-term sentiment remains cautious amid macro uncertainty.

• Strategy’s holdings under pressure Michael Saylor’s company Strategy saw Bitcoin holdings trade briefly below its average cost basis, reflecting possible stress in institutional positions.

Gold & Precious Metals

• Gold’s mixed performance While gold rallied earlier and remains historically strong, recent metals markets have shown sharp corrections and volatility.

This broader metals behavior complicates the narrative of Bitcoin versus traditional safe havens.

ETF Flows and Institutional Signals

• ETF shifts matter — Current market data show Bitcoin spot ETF outflows returning after recent inflows, suggesting institutions remain cautious and may be reallocating capital elsewhere.

• Gold allocation by major players — Tether’s CEO announced plans to allocate a portion of reserves to physical gold, highlighting continued institutional interest in traditional assets even as digital markets evolve.

Undervaluation Debate: Bitcoin vs Gold

• Relative value signals — Recent analysis shows Bitcoin trading below historical valuation models relative to gold, suggesting it could be undervalued based on macro liquidity and historical ratios.

• Macro divergences Gold’s steep advance in 2025-26 has outpaced Bitcoin’s performance, but some market observers see this gap as a potential precursor to rotation back into crypto if risk appetite returns.

What This Means Today

Bitcoin’s bull narrative isn’t uniformly confirmed — short-term technical weakness and ETF outflows contrast with longer-term institutional infrastructure growth.

Gold’s safe-haven status may be attracting flows right now, but historical patterns suggest mispricing between Bitcoin and gold can reverse if macro conditions shift."

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