Gold is skyrocketing.
On August 5th, spot gold broke through $4200, with a daily gain of 3.2%. COMEX gold futures closed at $4308, surging 3.74% in a single day. Silver also rose above $62, up more than 4% intraday.
Gold's market value surged by about $1.3 trillion in one day.
That's more than half of the entire cryptocurrency market capitalization.
In one day, $1.3 trillion.
What about Bitcoin?
BTC is still hovering between $64,000 and $65,000. Spot ETFs saw net inflows totaling $382 million over two consecutive days, and BlackRock's IBIT attracted $281 million in two days—institutions are buying, but the price remains unchanged.
Let's lay out all the positive factors:
ADP employment data for July increased by only 44,000, far below the expected 70,000, marking the smallest increase since January this year.
The US dollar plunged. US Treasury yields fell.
Fed rate hike expectations cooled down.
Employment collapsed, the dollar dropped, and interest rate expectations eased—all conditions favorable for BTC.
Yet the money flowed into gold.
Why?
Three words: They don't recognize you.
This round of gains is a "rate cut expectation trade"—funds are betting the Fed will be forced to pivot. Gold is the oldest asset in this narrative, a five-thousand-year human consensus that institutions buy blindly.
Where does BTC rank in this narrative?
ETFs are buying, but the price is stagnant. What does this mean? It means marginal buyers are not true one-sided bulls. They are doing allocation, hedging, arbitrage—not here to pump the price.
The "digital gold" narrative is temporarily failing at this point.
Peter Schiff has long said: the correlation between Bitcoin and gold has never truly existed. In 2026, gold rose 9%, while Bitcoin fell 11%. The BTC/gold ratio dropped to a historic low.
We've been shouting "digital gold" for so many years,
Real gold is quietly making big money, while our "digital gold" is stuck around $64,000.
But I don't think BTC will stay like this forever.
Gold's rise follows the old world's logic—inflation, geopolitics, central bank gold purchases. BTC's rise follows the new world's logic—technology adoption, regulatory frameworks, ecosystem expansion.
Two worlds, two pricing systems.
Today, funds chose the five-thousand-year-old story.
BTC needs its own catalyst—either a volume breakout above $65,000 to confirm recovery, or a new narrative to drive it.
Until then, the "boring bottoming" around $64,000 might be the norm.
$BTC$XAU$ETH#黄金重返4200美元，BTC为何没跟涨？
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