Bitcoin Holders Log 30-Day Losses as Gold Hits Record High
Bitcoin holders recorded net realized losses over the past 30 days for the first time since late 2023, ending a period of more than two years largely characterized by realized gains.
Data from CryptoQuant, shared by its head of research Julio Moreno, show the rolling 30-day realized profit and loss metric for Bitcoin (BTC) has turned negative, indicating that coins transacted onchain in the last month were sold below their acquisition cost. Moreno noted on X that this is the first 30-day stretch of realized losses since October 2023. According to CryptoQuant, the net realized profit/loss metric reflects the aggregate profit or loss of all coins spent. A negative reading does not necessarily signal a price drop, but suggests increased selling by holders who purchased at higher levels.
Bitcoin net realized profit/loss metric. Source: Julio Moreno
Gold sets fresh record amid rising global tensions
As pressure on Bitcoin and other digital assets resurfaced, gold climbed above $4,700 per ounce for the first time, with heightened geopolitical risks steering investors toward traditional safe-haven assets. On Tuesday, spot gold reached a record $4,701.23 before easing, while U.S. gold futures also posted new highs. Silver advanced as well, trading near historical peaks after briefly touching $94.72 per ounce.
The advance in precious metals followed deteriorating market sentiment after U.S. President Donald Trump issued fresh tariff warnings targeting European allies unless Denmark agreed to cede Greenland, rekindling concerns of a wider trade dispute. The divergence pushed the Bitcoin-to-gold ratio sharply lower—more than 50% below its F4peak—according to Bitfinex. An analyst on X noted that the last time the ratio was at similar levels, Bitcoin subsequently outperformed gold, adding that the cross bears watching as 2026 liquidity builds.
Bitcoin to gold ratio. Source: Bitfinex
Spot Bitcoin ETFs see outflows as tensions rise
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) recorded $394.7 million in net outflows on Monday, according to SoSoValue, halting a four-day streak of inflows that had totaled more than $1.8 billion. Valr co-founder and CEO Farzam Ehsani said in a recent note that aggressive trade rhetoric from President Trump has pushed markets into de-risking mode. He added that tariff threats and retaliatory actions have historically posed significant headwinds for digital assets and other risk-on markets.
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