Core Insights - Gold reached a record high of $4,197.6 per ounce, marking a nearly 60% increase in 2025 alone, indicating a significant shift in investor sentiment towards safer assets [1][2] - Over $21 billion exited major crypto exchanges, particularly Binance, following a recent market crash, reflecting a change in risk appetite among investors [2][3] Gold Market - The surge in gold prices is characterized as a "flight-to-safety rotation," with investors de-risking ahead of the Federal Reserve's Beige Book release [3][5] - Analysts predict that qualitative data from the Beige Book could pivot market sentiment, potentially leading to a more dovish stance from the Federal Reserve [5] Crypto Market - The outflows from crypto exchanges are seen as a result of leveraged positions unwinding in risk assets, rather than a permanent abandonment of the crypto market [3][6] - Historical trends indicate that when traders anticipate tightening or hawkish commentary, liquidity tends to migrate from high-beta assets like crypto to non-yielding stores of value such as gold [6]