Bitcoin Lags Stocks and Gold as Traders Hunt for a Cycle Bottom

Bitcoin has largely traded between $60,000 and $68,000 after retreating from its October 2025 record above $126,000, even as US equities and gold pushed to fresh highs. The divergence matters because the cryptocurrency has failed to participate either as a risk-on asset or as “digital gold.” With exchange-traded funds now a major source of demand, investors are assessing whether regulated inflows can absorb selling by miners, corporate treasuries and long-term holders long enough to establish a cyclical floor.

US spot Bitcoin ETFs attracted about $727 million over five sessions through July 20, according to SoSoValue, while addresses holding a non-zero balance reached a record 58.97 million on May 2. Still, Strategy sold 1,638 Bitcoin for $104.7 million between July 27 and Aug. 2, and pressure on miner economics continues to restrain momentum. Traders are weighing those conflicting flows alongside depressed on-chain indicators and Federal Reserve rate-cut expectations, with sustained ETF demand and easing corporate and miner sales needed to confirm a durable bottom.