Gold has simply shocked everyone in recent days. The price per ounce has crossed the $5,500 mark, and in one day its nominal value increased by about $1.6 trillion — which, by the way, is roughly equal to the entire market capitalization of Bitcoin. I didn’t believe these figures at first, but sentiment indicators for gold from JM Bullion show extreme greed, which is rare.

Interestingly, at the same time, Bitcoin behaves quite differently. It fluctuates around $74K, remaining significantly below the October peak, despite all the narrative about “hard assets.” Cryptocurrency fear and greed indicators have been in the fear zone all this time, while gold and silver are receiving the main capital inflow. It seems that margin buyers seeking protection from inflation are choosing physical bars and coins — not tokens.

Silver also supports this trend, showing sharp intraday fluctuations, more like a positional squeezing effect than calm accumulation. It turns out that gold is now viewed not as a long-term trend but as an event with a mass gathering of participants. Bitcoin will have to prove again why it should be digital gold when everyone around is choosing physical metal. It will be interesting to see what happens next.