Stored-value assets are falling across the board — gold, silver, and Bitcoin are all plunging simultaneously.

These three assets usually have no correlation, but they share a common label: stored-value assets that hedge against fiat currency depreciation.
When all three crash at the same time, the market is actually saying one thing: the depreciation trade logic has collapsed.
Gold broke below $4,000 intraday today, down from a yearly high of $5,586 to $4,103 now — a drop of roughly 28% from the peak.
Silver is even worse, down over 50% from its peak to below $59.
$BTC now $60,212 $ETH $1,574, with funding rates near zero.
The most anomalous thing is that the U.S.-Iran war is escalating. Normal logic would be: geopolitical conflict → risk aversion → gold rises. But gold actually broke below $4,000 as the war escalates, which shows that the suppression from the interest rate hike narrative is now stronger than geopolitical risk-off demand.
John Williams has been sending hawkish signals, clearly leaning toward rate hikes rather than cuts. The dollar is now at multi-month highs. As the carrying cost of non-yielding assets keeps rising, assets without cash flow are increasingly difficult to hold their valuations — whether they're called gold or Bitcoin.
Gold's drop from $5,600 to $4,000 is a genuine trend decline, driven by the dollar's strengthening cycle systematically crushing the depreciation narrative. BTC's decline from its high is much smaller than gold's, and funding rates are now back near zero, indicating that leverage has mostly been cleared and the extreme fear phase has passed.
But the coming week will be really tough.
This week has triple pressure: Nonfarm payrolls (July 2) moved up from the 5th due to the Independence Day holiday; month-end institutional portfolio rebalancing on June 30; and the ongoing U.S.-Iran conflict escalation.
If nonfarm payrolls continue to show strong employment, the Morgan Stanley logic that low unemployment triggers rate hikes will be directly validated — the market will shift one more notch toward rate hikes. Month-end rebalancing typically brings passive selling pressure, as institutions reduce risk assets at quarter-end.
My current view is: don't chase a direction in the short term, whether long or short. BTC is grinding around $60K. After the options expiration, the pressure eased a bit, but macro pressure hasn't disappeared. Wait for the nonfarm data to come out — that will be the true watershed for the direction.
If nonfarm is strong → rate hike expectations continue to weigh → $60K won't hold → look at $57–58K.
If nonfarm is weak → rate cut expectations recover → BTC has a chance to turn $60K into real support.
This week's trading strategy is just one word: wait.