Share this article
Bitcoin-Gold Ratio at 12-Week Low as U.S. Physical Gold Deliveries Soar
Traders have been loading the yellow metal on U.S.-bound planes. Investment banking giant JPMorgan plans to deliver $4 billion of gold to New York this month.
Updated Feb 5, 2025, 1:25 p.m. Published Feb 5, 2025, 12:30 p.m.
What to know:
- The bitcoin-gold ratio has hit the lowest since Nov. 14.
- Gold has surged 10% this year to new highs on safe haven buying, Chinese demand.
- BTC's spot ETF inflows have been primarily arbitrage plays.
Gold (XAU) is reaffirming its status as a safe haven asset amid ongoing fears of a U.S.-led trade war, while bitcoin struggles to gather upside traction. The dynamic is driving the bitcoin-gold ratio lower.
The ratio between bitcoin's USD price and gold's per ounce dollar price has dropped to 34, the lowest since Nov. 14, almost testing the previous peak hit in March 2024, data from charting platform TradingView show. It's down 15.4% since hitting a peak above 40 in mid-December.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Gold's year-to-date surge of nearly 10% to a per-ounce record price of $2,877 has been driven by safe-haven demand amid the escalating U.S.-China trade war, according to Reuters.
The tariffs threat has dedicated metal products Comex futures prices trading substantially above the spot price in recent months. That has traders loading U.S.-bound planes with the yellow metal. The investment banking giant JPMorgan plans to deliver $4 billion of gold bullion to New York this month, according to The Guardian. Plus, Chinese demand for gold has surged due to the Spring Festival holidays.
Meanwhile, inflows into U.S.-listed spot Bitcoin ETFs have primarily come from traders engaging in non-directional arbitrage bets on BTC, according to 10x Research.
"The ETF buying could be offset by simultaneous spot or futures selling (unwinding of long positions), dampening any significant price impact," Markus Thielen, founder of 10x Research, said in a note to clients Monday, noting the $4 billion in inflows into the U.S. spot-listed ETFs since the release of the inflation data three weeks ago.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
