The cryptocurrency market has once again come under pressure, and this time even one of the most respected trading veterans, Peter Brandt, is considering reducing positions in the leading cryptocurrency. According to my analysis, the current macroeconomic picture forces a reassessment of traditional risk-return ratios.
Brandt has suggested selling some bitcoin to increase the share of gold in his portfolio. His argument is based on the comparative dynamics of the assets: the precious metal continues to show more stable growth compared to BTC. June was particularly telling: bitcoin lost 20% of its value, while gold fell by only 11.7%. Since the start of the year, the gap is even more impressive — a 28% gain for gold versus a modest 3.9% for bitcoin.
Such statistics cannot but be alarming. Bitcoin, which is traditionally positioned as "digital gold" and a tool for hedging inflation, has been behaving more like a high-risk tech asset in recent months, strongly correlated with the stock market. Gold, on the contrary, confirms its status as a safe-haven asset amid global uncertainty.
It is worth noting that Brandt's decision is not a panic move. It is a calculated step by an experienced trader who sees a trend shift. If gold continues to outperform bitcoin in terms of returns, we may witness a larger outflow of capital from cryptocurrencies into traditional safe-haven assets.
My professional opinion: As long as bitcoin does not break through key resistance levels and show dynamics independent of macroeconomic factors, gold will indeed look more attractive to conservative investors. However, one should not forget that the current correction is a standard phase of the cycle, and historically, powerful rallies have followed halvings. The question is only how long it will take for the market to restore confidence.