Bitcoin Eyes Gold’s Crown As Institutional Money Quietly Shifts
Wall Street’s biggest gold fund saw something unusual recently — a single-day outflow of $3 billion from SPDR Gold Shares, a number that dwarfed any comparable daily exit over the prior two years by more than 200%.
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History Offers A Cautionary But Compelling Pattern
Midterm election years have not been kind to risk assets. The S&P 500 has averaged a peak-to-trough drop of 16% during those cycles.
Bitcoin’s drawdowns have been steeper, averaging around 56%. But the 12 months after midterm elections have, without exception since 1939, produced positive returns for the S&P 500, averaging 19% gains.
Bitcoin, with only three post-midterm years on record, has averaged 54% gains across all three.
Reports from Binance Research also identified $78,000 as the level Bitcoin would need to reclaim to signal a broader trend reversal.
BTC was trading around $71,500 at the time of publication. The distance between the two numbers is not enormous, but in a market moving this quickly, it is not small either.
Featured image from Incrementum, chart from TradingView
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