Gold is crazy again.
On August 5th, spot gold broke through $4200, rising 2.8% intraday to reach $4213, hitting a six-week high.
Bloomberg data shows that China's gold spot ETFs have seen net inflows for 14 consecutive trading days. The World Gold Council says that amid geopolitical and economic uncertainties, demand for gold ETFs remains strong.
Social media is full of calls to "buy gold."
Then you glance at BTC—
still hovering around $64,000.
Gold rose 2.8% in one day, while BTC barely moved. Gold's market cap increased by about $1.3 trillion in a single day, while Bitcoin's entire market cap is only $1.29 trillion.
Gold grew by the equivalent of a whole Bitcoin in just one trading day.
And Bitcoin itself only moved 0.17% that day.
No one is talking about BTC anymore.
KOLs on social media are all shouting about gold. No one in groups mentions Bitcoin. Even the criticism has lessened—people are too lazy to even bash it, which means it’s truly been forgotten.
But I’ve started to notice something:
While everyone is chasing gold, who is quietly buying Bitcoin?
On August 3rd, Bitcoin spot ETFs had net inflows of $170 million.
On August 4th, net inflows were $211.5 million.
BlackRock’s IBIT attracted $170 million in a single day, with cumulative net inflows exceeding $60.7 billion.
That’s $380 million over two days.
Institutions are buying. ETFs are continuously flowing in. But the price isn’t moving.
Wintermute’s OTC trader said something interesting: "ETF buying has entered the market but hasn’t pushed Bitcoin up."
To translate—someone is accumulating, but doesn’t want to pump the price.
Look at the on-chain data.
The number of addresses holding at least 1 BTC reached 909,196, a historical high.
Long-term holders control 79% of the circulating supply, also a record high.
Futures open interest has risen significantly, with CME jumping 6.82% in one day. Leveraged funds are actively entering.
On one hand, no one discusses BTC on social media; on the other, institutions and long-term holders are aggressively accumulating.
Consider this divergence.
The mainstream narrative now is: the "digital gold" story has failed—gold rises due to safe-haven demand and rate cut expectations, BTC doesn’t follow because capital doesn’t buy that logic.
That logic isn’t wrong. But the problem is—
Gold’s surge has already priced in too many positives.
Weak ADP data, a falling dollar, easing geopolitical tensions—all these expectations are fully priced in. Gold’s move from 4000 to 4200 was driven by sentiment and capital resonance.
As for BTC’s "non-follow," could it be not a weakening trend but a buildup of momentum?
CryptoQuant says BTC needs three conditions for a sustainable rebound: continuous ETF inflows, stabilization of US Treasury yields, and no more Fed rate hikes.
Continuous ETF inflows—already happening.
US Treasury yields—are declining.
The Fed—market prices in only one more rate hike this year.
All three conditions are gradually being met.
When everyone is chasing gold, maybe it’s time to look at the "forgotten" BTC.
This isn’t telling you to blindly rush in.
$65,000 is the first hurdle; if it doesn’t hold, expect consolidation. If it holds, $68K-$70K is the next target. If it doesn’t, a retest of $62K.
But what I want to say is:
The market always rewards contrarian thinking.
The premise is—survive long enough.
Buy in batches, keep light positions, be patient.
Don’t rush in to catch the falling knife when gold is hottest, and don’t cut losses and exit when BTC is coldest.
Let’s discuss in the comments:
Gold is at 4200, can you still hold BTC?
$BTC $XAU $ETH#黄金重返4200美元，BTC为何没跟涨？
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