Core Viewpoint - Bitcoin is set to underperform gold for the sixth consecutive month as investors favor gold, traditionally viewed as a safe haven during economic and geopolitical instability [1] Group 1: Bitcoin Performance - The bitcoin-to-gold ratio has decreased by 23% this month, currently at 16.3 [2] - The decline in the bitcoin-to-gold ratio mirrors a similar trend observed in 2019, where bitcoin outperformed gold for five months following a similar pattern [2] - Bitcoin is currently priced around $82,000, reflecting a decline of just over 2% since midnight UTC, while gold has dropped more than 8% and silver approximately 16% [3] Group 2: Market Trends - The bitcoin-to-gold ratio has fallen by roughly 60% since its peak in late 2024, indicating that bitcoin has been in a technical bear market against gold for about 14 months [4] - A recent rebound in the ratio by 4% suggests potential signs of a market retrenchment, occurring after a significant selloff in global markets [3] - Even if the ratio has reached a low point, it does not guarantee a strong recovery for bitcoin, as it may indicate that gold is weakening at a faster rate than bitcoin [4]

The unraveling of Bitcoin’s “digital gold” promise is leaving long-term advocates scratching their heads and goldbugs gloating https://t.co/bNnGoUKWIi ...

"digital gold" lmao https://t.co/dM8klJRur7 ...

Silver just smashed through $117 per ounce, an all-time high. Gold has breached $5,500, entering completely uncharted territory. And yet, Bitcoin, the asset we were told was the digital gold, the hardest money ever discovered, is struggling to hold $90,000.In fact, it is down over 30% from its October peak. The charts tell a shocking story. While the shiny rocks that our ancestors used as money are skyrocketing, the future of finance is bleeding out.Why is the hardest asset on earth losing to physical metal ...

RT Gareth Jenkinson (@gazza_jenks)Bitcoin is money AND digital gold. The two are not mutually exclusive.For @saylor - it's the purest form of digital credit.For @davidmarcus - it's the payment rails of the future."No one cares what humans think about how people need to Bitcoin because it's an unopinionated, code-based money platform."The @lightspark founder is forging ahead with building Bitcoin-based payment rails, while Saylor and @Strategy are doubling down on Bitcoin-backed financial products."I'm reall ...

Core Insights - Tesla and SpaceX maintained their Bitcoin holdings during a significant price decline, treating Bitcoin as a long-term treasury asset rather than engaging in buying or selling activities [1][2][7] Financial Performance - Tesla reported a $239 million after-tax mark-to-market impairment on its 11,509 BTC holdings as Bitcoin's price fell from approximately $114,000 to $88,000–$89,000 [2][3] - Despite this impairment, Tesla's overall financial performance was bolstered by record energy margins and earnings per share (EPS) beats, framing the Bitcoin impairment as a minor headwind [3][4] Strategic Positioning - Tesla's Bitcoin holdings, while small relative to its $44 billion cash reserves, symbolize a strategic belief in Bitcoin's long-term value and scarcity [4][8] - SpaceX mirrors Tesla's strategy, holding an estimated 8,200–8,285 BTC without significant sales in over three years, indicating a focus on long-term value rather than short-term trading [5][6] Market Context - The approach of Tesla and SpaceX contrasts sharply with other corporations in 2025, many of which reduced or exited their crypto positions amid market volatility [7] - The impairment recorded by Tesla is characterized as non-cash GAAP accounting noise, suggesting potential for profit recovery if Bitcoin prices rebound [7][8] Ideological Perspective - Both companies are positioning Bitcoin as a form of digital gold for corporate treasuries, aligning with a broader thesis of forward-thinking financial strategies rather than speculative trading [8]

The gold rush has gone digital, and Bybit is leading the charge! 🥇Bybit is the #1 CEX for Tether Gold ($XAUT) @tethergold, commanding 16% of global spot volume. As Gold hits new all-time highs, smart money is moving on-chain.Why trade XAUT on Bybit?✅ Deepest Liquidity: Tight spreads even when TradFi markets are closed.✅ Flexible Yield: Earn up to 11% APR on your gold via Bybit Earn.✅ Max Leverage: Up to 10x on Spot and 50x on Derivatives.✅ Multi-Chain: Deposit via @solana , @Mantle_Official, @ethereum , and ...

The gold rush has gone digital, and Bybit is leading the charge! 🥇Bybit is the #1 CEX for Tether Gold ($XAUT) @tethergold, commanding 16% of global spot volume. As Gold hits new all-time highs, smart money is moving on-chain.Why trade XAUT on Bybit?✅ Deepest Liquidity: Tight spreads even when TradFi markets are closed.✅ Flexible Yield: Earn up to 11% APR on your gold via Bybit Earn.✅ Max Leverage: Up to 10x on Spot and 50x on Derivatives.✅ Multi-Chain: Deposit via @Solana, @Mantle, @Ethereum, and more.Don’t ...

Core Viewpoint - The gold market has entered a significant bullish phase, with prices surging 6% to over $5,400 per ounce, marking a notable performance compared to other assets like silver and platinum [1]. Group 1: Gold Market Performance - Gold's market capitalization is estimated to be around $40 trillion, making it a standout asset in the current market environment [1]. - A substantial portion of gold's price increase followed comments from Federal Reserve Chairman Jerome Powell, who indicated that the fed funds rate would remain steady at 3.50%-3.75% [2]. - Powell cautioned against interpreting the rise in gold and silver prices as a macroeconomic signal, asserting that the Federal Reserve's credibility remains intact despite some market perceptions [3]. Group 2: Comparison with Bitcoin - Bitcoin (BTC) has been underperforming compared to gold, trading at $89,000 and showing little movement following the Fed's decision [4]. - Over the past 12 months, gold has increased by more than 90%, contrasting sharply with Bitcoin's struggles, which raises questions about its effectiveness as a macro hedge [6]. - The current market dynamics suggest that Bitcoin is losing its position as "digital gold," as gold is reclaiming market share from Bitcoin amid rising geopolitical and fiscal risks [7].

Core Insights - The DeFi risk rating system is designed to adapt to the evolving nature of on-chain risks, providing daily updates to inform investment decisions [1][2] - Traditional credit ratings are criticized for their infrequent updates and reliance on analyst judgment, which can lead to significant failures in risk assessment [2] - The Credora rating system utilizes a probability of significant loss (PSL) metric to provide a clearer understanding of risk, moving beyond traditional volatility measures [4][6] Group 1: DeFi Risk Ratings - Credora is the leading platform for DeFi risk ratings, offering a live data feed that helps both individual and institutional investors assess risk before deploying capital [1][6] - The ratings are standardized to allow for comparison across different DeFi assets and strategies, enabling investors to make informed decisions based on risk-adjusted returns [6][11] - The PSL metric measures the annualized probability of losing more than 1% of principal due to bad debt, providing a solvency-focused assessment rather than a volatility-focused one [4][5] Group 2: Historical Context and Failures - Past failures in the DeFi space, such as the collapse of TerraUSD (UST) and xUSD, illustrate that risks often accumulate over time rather than appearing suddenly [3][4] - The lack of timely and accurate risk information has contributed to significant losses in the DeFi market, highlighting the need for effective risk ratings [2][6] - If UST and xUSD had received appropriate risk ratings, many investors might have avoided deploying capital into these assets, potentially saving billions [6] Group 3: Future of Risk Ratings in DeFi - For risk-aware DeFi to gain traction, risk ratings must become standard practice, allowing users to filter strategies by risk grade [11] - The integration of risk ratings into wallets and financial platforms will facilitate better decision-making and reduce reckless capital allocation [11] - As the DeFi industry matures, risk ratings are expected to become essential, enabling trillions of dollars to flow on-chain while minimizing exposure to unnecessary risks [11]