Bitcoin drops to one-week low as gold hits nine-week highs
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- Bitcoin fell back below $64,000 on Tuesday, hitting one-week lows and finishing Monday down 1.5% as US-Iran tensions and a 5% surge in oil prices weighed on risk appetite.
- Gold prices climbed to $4,435 per ounce, their highest level since June 5, as safe-haven demand accelerated and Chinese appetite for the metal was already on the radar in August.
- SPDR Gold Shares (GLD) attracted $50 million in retail inflows on Aug. 5 — the largest single-day retail haul since mid-March — while total inflows that day reached $637 million versus $244.4 million into US spot Bitcoin ETFs.
- The Kobeissi Letter noted GLD is on track for its first monthly inflow since February, with investors adding over $1.4 billion to the ETF so far in August.
- CryptoQuant CEO Ki Young Ju highlighted that the Bitcoin-gold 90-day rolling correlation has returned to 'digital-gold-era levels,' meaning the two assets are moving together as hedges rather than against each other.
- BTC/USD remains range-bound below the 50-month exponential moving average at $65,827, a level it has closed above only three times since early June, according to Cointelegraph analysis.
- Trader Michaël van de Poppe told followers a breakout above $65,800 could open a path to $73,000, while Wednesday's US CPI print for July serves as the next key catalyst — July's soft print previously sparked daily crypto gains above 4%.
Why it matters: The Aug. 5 flow split — $637 million into GLD versus $244.4 million into spot Bitcoin ETFs — quantifies how retail is favoring traditional safe havens over crypto during the US-Iran flare-up, even though Bitcoin-gold correlation has snapped back to digital-gold-era levels, suggesting both are now hedging in tandem rather than competing.
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