Gold hits 6-week highs on China demand as Bitcoin ignores fresh S&P 500 record
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- Gold gained 2.8% to $4,213 per ounce — its highest level since June 22 — powered by 14 consecutive days of inflows into Chinese gold-backed ETFs, per Bloomberg data.
- Chinese gold ETFs suffered their worst monthly outflows on record in June, yet year-to-date inflows still reached 40 billion yuan ($5.6 billion), the second-best H1 performance on record (World Gold Council).
- The People's Bank of China accumulated 82 tonnes of gold over the 20 months through June, providing ongoing central-bank support per the World Gold Council.
- Bitcoin remained pinned at $64,000 as the S&P 500 touched a record above 7,793, failing to ride the equity rally for a second straight day.
- CryptoQuant identified three prerequisites for a durable BTC rebound — sustained US spot Bitcoin ETF inflows, cooling US bond yields, and the absence of expected Fed rate hikes — and noted the Coinbase Premium has stayed negative for nearly 80 days.
- Trader Rekt Capital warned on X that weaker bounces from current support could yield Lower Highs and an eventual breakdown toward the $58,000–$66,000 range.
- Bloomberg ETF analyst Eric Balchunas noted 66% of S&P 500 stocks now sit above their 50-day moving average, with 57% beating the benchmark — broad-based strength Bitcoin did not share.
Why it matters: Gold's 2.8% surge to $4,213 — driven by 14 straight days of Chinese ETF inflows and a PBoC that has accumulated 82 tonnes in 20 months — shows where institutional and central-bank capital is currently rotating, while Bitcoin remains stuck at $64,000 with none of CryptoQuant's three rebound prerequisites met and the Coinbase Premium negative for nearly 80 days.
