Gold surged to a new all-time high, briefly touching $3,060 after rising nearly $40. Renowned gold advocate Peter Schiff attributes the rally not to market uncertainty, but to a growing lack of faith in the U.S. dollar and expectations of persistent inflation well above the Federal Reserve's 2% target. Schiff, a longtime Bitcoin critic, highlighted the contrast as U.S. stocks, bonds, and Bitcoin all moved lower.
Bitcoin, currently trading at $86,414, is down 1.12% over the past 24 hours and has been slipping for three consecutive days since March 25. Despite this dip, it remains well above its recent low of $76,555. Investors are now closely watching Friday’s release of the personal consumption expenditures (PCE) index, the Fed’s preferred inflation gauge, which could influence future rate decisions and market direction.
While short-term technical indicators and macroeconomic headwinds are pressuring Bitcoin, large investors—commonly referred to as whales—are signaling bullish sentiment. According to Glassnode, whales have accumulated nearly 129,000 BTC since March 11, valued at around $11.2 billion at an average price of $87,500. This marks the most significant accumulation rate since August 2024.
Glassnode's Bitcoin Accumulation Trend Score currently sits at 0.23, suggesting that larger entities are shifting from selling to buying, further supporting the long-term bullish case for Bitcoin. Despite Schiff’s continued dismissal of BTC as a store of value, the steady buying pressure from whales indicates that confidence in the crypto asset remains strong among institutional players, even amid macroeconomic uncertainty and gold’s record-setting momentum.
Comment 0