Author: William Suberg, CoinTelegraph; Compilation: Baishui, Golden Finance

When Wall Street opened on February 11, gold prices entered the consolidation stage after hitting an all-time high, and BTC gave up its latest gains.

BTC/USD 1 hour chart. Source: Cointelegraph/TradingView

Cointelegraph Markets Pro and TradingView data show that BTC/USD fell $1,500 in an hour.

Binance, the world's major cryptocurrency exchange, has reportedly sold almost all Bitcoin, Ethereum, SOL, etc., which seems to exacerbate downward volatility.

While this is not new, it is rumored that the reduction in Binance's cryptocurrency reserves were caused by profits in the cryptocurrency it held, the news became a hot topic on social media that day , but Binance later denied the claim.

So, as Wall Street began trading, Bitcoin price trends were in trouble, and the crazy upward momentum of gold prices gradually cooled down.

After opening, gold hit a new high of $2,942 per ounce.

XAU/USD 1 hour chart. Source: Cointelegraph/TradingView

"The volume of physical gold purchases has reached its peak: COMEX's three major vaults have soared by 15 million ounces in 2 months," trading resource Kobeissi Letter responded on X road.

"This is an increase of 115%, bringing physical gold holdings above the level during the 2020 epidemic."

COMEX Gold storage data. Source: The Kobeissi Letter/X

Kobeissi attributes this phenomenon to the injection of liquidity in the United States, as well as the uncertainty of inflation trends.

"This is especially true with the out-of-control U.S. deficit spending. The U.S. borrowed $838 billion in the first four months of fiscal 2025," it continued.

"Bond prices have been hit hard as Treasury yields rise. Gold's position as a global hedge will therefore only increase."

Gold is adjusted based on the US M2 money supply. Source: The Kobeissi Letter/X

Others are optimistic that although Bitcoin will go through tradition

This includes cryptocurrency trader, analyst and entrepreneur Michaël van de Poppe.

"Bitcoin is likely to hit record highs," he told X fans that day.

"Gold has been hitting record highs, and I think we will see Bitcoin in the next 2-3 weeks The same situation will happen. ”

The accompanying chart describes the “ideal entry area” of BTC/USD for approximately $90,000.

BTC/USDT 1-day chart. Source: Michael van de Poppe/X

Charles Edwards, founder of Capriole Investments, a quantitative Bitcoin and digital asset fund, likens this situation to the summer of 2024.

"As long as gold maintains trend, Bitcoin will almost always see a similar (larger) breakthrough in 3-6 months. Hopefully this time it’s at the short end of that range,” X’s post section on the topic reads.

“Tariff = uncertainty + possible inflation. Central banks + Asia is vigorously bidding for gold as an inflation hedge. Rotation to the hardest assets on Earth is inevitable. ”