Americas Crypto Daybook: Gold's Record-Breaking Rally Revives Bitcoin 'Store of Value' Discussion

By James Van Straten (All times ET unless stated otherwise) The recent market upheaval has potentially given gold the edge as the premier 'store of value', while 'digital gold' faces challenges, at least for the time being. April gold futures have surpassed the $3,000 per ounce milestone for the first time, marking a historic achievement for the precious metal. Spot gold is stabilizing just below $3,000 per ounce, up 15% year-to-date, whereas its digital counterpart, bitcoin, is struggling – down 12% this year and hovering around $80,000. This disparity highlights gold's role as the ultimate safe-haven asset in the current economic climate. Since mid-February, U.S. spot bitcoin ETFs have experienced only three days of inflows, leading to a decline in total net inflows from $40 billion to approximately $35 billion, according to Eric Balchunas, a senior Bloomberg ETF analyst. Meanwhile, the S&P 500 has entered correction territory, falling over 10% and struggling to reclaim its 200-day moving average amid escalating geopolitical tensions. The imposition of further tariffs by former President Trump and stalled ceasefire negotiations between President Putin and Ukraine have exacerbated global uncertainty. Andre Dragosch, Head of Research at Bitwise in Europe, attributes gold's record highs and the U.S. equity sell-off to rising short- and medium-term inflation expectations, coupled with declining consumer confidence. 'The recent rally in gold to new all-time highs likely reflects both increasing inflation expectations and a broader flight to safety,' Dragosch explains. 'In fact, both short- and medium-term inflation expectations in the University of Michigan consumer survey have risen to multi-decade highs. U.S. consumers are growing increasingly concerned about inflation, likely due to the Trump administration’s new tariff policies.' He further notes, 'Meanwhile, U.S. equities have been selling off due to mounting economic uncertainty driven by these trade policies, as well as rising recession risks amid a slowdown in the labor market. Both factors have significantly buoyed the price of gold.' Key Developments to Watch: Token Events Conferences Token Talk By Oliver Knight Derivatives Positioning Market Trends: Bitcoin Statistics: Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether