Bitcoin and Gold Diverge as Global Money Supply Shifts Market Dynamics

The global money supply has led to a surge in gold prices, while Bitcoin's performance has been impacted by shifts in risk appetite and exchange liquidity.

According to analysts, the divergence between gold and Bitcoin is attributed to a combination of factors, including a cooling appetite for high-beta tech equities and a drift of capital from exchanges into self-custody.

Data from CryptoQuant shows that Binance's total portfolio value across BTC, ETH, XRP, and major ERC20 and TRC20 stablecoins has declined to roughly $102 billion – the lowest since April 2025. This is attributed to a combination of lower asset prices and user withdrawals into self-custody during periods of bearish volatility.

The trend suggests that Bitcoin's price action is increasingly contingent on the risk-on or risk-off temperament of the broader market, with gold's safe-haven appeal remaining a central theme for 2026.