Gold tops $5,000 as BTC stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing

Gold has broken above $5,000, signaling a durable macro regime shift priced in by markets, contrasting sharply with Bitcoin's stagnation around $87,000. Onchain data from CryptoQuant and Glassnode indicates that Bitcoin's weakness is driven by internal supply dynamics, with older holders selling at a loss and rallies being capped by a dense supply overhang near $100,000. Market mechanics, including compressed futures volumes and subdued leverage, reinforce this view of consolidation rather than acceleration. Consequently, prediction markets favor sustained strength for gold while expecting further consolidation for Bitcoin, suggesting gold is absorbing macro stress while crypto works through internal distribution issues.

(Source：CoinDesk)