Gold hits 6-week highs on China demand as Bitcoin ignores fresh S&P 500 record — SkimNews
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- Gold rallied 2.8% to $4,213 per ounce — its highest level since June 22 — fueled by 14 consecutive days of inflows into Chinese gold-backed ETFs reported by Bloomberg
- Chinese gold ETFs still pulled in 40 billion yuan ($5.6 billion) year-to-date through H1, the second-best first half on record, even after June logged their worst month of outflows ever
- Bitcoin stayed wedged at $64,000 into the Wall Street open, failing to track upside in US equities as the S&P 500 touched a record above 7,793
- CryptoQuant flagged three prerequisites for a durable BTC rebound: sustained US spot ETF inflows, cooling US bond yields, the absence of expected Fed rate hikes, and a return to positive territory on the Coinbase Premium
- The Coinbase Premium has stayed negative for nearly 80 days, one of several sticking points for bulls
- Analyst Rekt Capital warned BTC is forming lower highs on the weekly chart, with a potential breakdown into the $58,000–$66,000 range if current support fails
Why it matters: The People's Bank of China has accumulated 82 tonnes of gold over the 20 months through June — a structural bid that pushed gold past $4,200 even as Bitcoin failed to participate in the S&P 500's record, underscoring that the BTC rally needs three independent catalysts (ETF inflows, lower yields, Fed patience) plus a positive Coinbase Premium to break out of its $64,000 stall.
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