Gold hit a new record high Tuesday, while billions exited major crypto exchanges.<\/p>\n
Futures briefly crossed $4,200 per ounce before closing at $4,197.6 in New York trading Tuesday, according to data from CME Group. Trade publication The Kobeissi Letter characterized<\/a> the turn as \u201cthe first time in history\u201d that gold has crossed the mark, noting that the asset is up nearly 60% in 2025 alone.<\/p>\n The move came as CoinGlass data showed over $21 billion in outflows from Binance and continued withdrawals across other top exchanges, less than a week after crypto markets crashed in what\u2019s now dubbed as the latest \u201cBlack Friday<\/a>\u201d that saw Bitcoin and other digital assets pare down in price as crypto ETF flows reversed<\/a>, following suit.<\/p>\n Analysts observe the divergence between gold and crypto as a shift in risk appetite.<\/p>\n \u201cGold’s record high signals acute risk aversion amid trade turmoil, while crypto’s Binance-led outflows reflect leveraged positions unwinding in risk assets,\u201d Charles d’Haussy, CEO at dYdX Foundation, told Decrypt.<\/p>\n Shawn Young, chief analyst at MEXC Research, called the surge a \u201cflight-to-safety rotation rather than a deep structural unwind,\u201d reflecting how investors are \u201cde-risking ahead of the Federal Reserve\u2019s Beige Book release.\u201d<\/p>\n Does the Bitcoin ‘Debasement Trade’ Narrative Still Hold Up After the Crash?<\/a><\/p>\n The Beige Book is the Fed\u2019s regional economic survey, scheduled for release Wednesday at 2 p.m. ET. It compiles qualitative and anecdotal reports from the Fed\u2019s 12 regional banks to gauge economic conditions and guide policymakers ahead of each interest rate meeting. The next FOMC meeting commences on the 28th of this month, per the Federal Reserve calendar.<\/p>\n Qualitative data from the survey could \u201cbecome a key sentiment pivot,\u201d Young noted. \u201cIf the data points to broad-based cooling across regional economies and easing price pressures, markets could quickly reprice for a more dovish Fed trajectory.\u201d<\/p>\n On prediction market Myriad, launched by Decrypt\u2019s parent company DASTAN, a clear majority of users expect gold to outperform Bitcoin in 2025<\/a>, placing a 76% chance on the outcome.<\/p>\n Still, the parallel between gold\u2019s surge and the crypto market\u2019s downturn does not mean \u201ccapital abandoning crypto permanently,\u201d Young noted. Instead, he attributes the move to capital \u201cseeking temporary shelter.\u201d<\/p>\n \u201cHistorically, when traders look out for potential tightening or hawkish commentary, liquidity migrates from high-beta assets like crypto toward non-yielding stores of value such as gold and short-term Treasuries,\u201d he said.<\/p>\n Such a pattern fits \u201cthe playbook of a tactical repositioning\u201d to preserve liquidity until such time \u201cthe macro picture becomes clearer,\u201d he said, adding that once policy narratives stabilize, much of the \u201csidelined capital\u201d would tend to rotate back into digital assets.<\/p>\n