Bitcoin Holders Defy Market Volatility As Exchange Withdrawals Show Remarkable Stability This Week
Bitcoin's bedrock believers aren't budging.
The Holding Pattern Deepens
Exchange withdrawals barely flickered this week—minimal movement that screams confidence from long-term holders. While traders chase shiny objects elsewhere, Bitcoin's core constituency keeps stacking sats like there's no tomorrow.
Steady Hands in Stormy Seas
No panic selling. No desperate buying. Just the quiet hum of conviction from investors who've seen this movie before. They're treating Bitcoin like digital real estate while traditional finance types still can't decide if it's a currency, commodity, or some alien technology that will steal their lunch money.
When everyone else is playing checkers, Bitcoin holders are playing 4D chess—and apparently winning by doing absolutely nothing.
Rate signals and ETF outflows pressure bullion
Gold is down more than 8% from its record high above $4,380 on October 20, marking its second weekly decline. A big reason is shifting expectations around the Federal Reserve.
After cutting rates by a quarter-point on Wednesday, Jerome Powell said investors should stop assuming another cut will happen in December. Those remarks reduced some of the fuel behind gold’s earlier surge.
Gold-backed exchange-traded funds (ETFs) have also seen investors pull money. Holdings fell for six straight days before showing small inflows again on Thursday, based on data from Bloomberg.
These flows matter because ETFs helped drive a lot of the run toward $4,400. Now, not only are fewer people buying, but some are outright leaving.
Robert Rennie of Westpac said a “combination of a hawkish cut, a truce in the US-China trade war, plus heavy outflows from the gold ETFs is all adding to the corrective mood.” He added that bullion could fall to around $3,750 if the pressure continues.
Central banks buy more as investors watch global equities
Even with the recent drop, gold is still up more than 50% this year. The World Gold Council reported a strong wave of central bank buying, with purchases rising 28% in the third quarter compared to the previous one.
Earlier this year, central bank buying slowed. Now it is moving the other way again. This is happening at the same time that mainstream investors are using gold to limit portfolio risk.
As of 11:23 a.m. in New York, spot gold was down 0.2% at $4,017.27. The Bloomberg Dollar Spot Index ROSE 0.2%. Silver and palladium saw small gains. Platinum slipped.
In the stock market, the S&P 500 is priced at 23 times forward earnings, compared to a 20-year average of 16.
The “Magnificent Seven” tech stocks make up over one-third of that benchmark. Their valuations sit around 31 times forward earnings, which makes some investors nervous about bubble risk.
A Bank of America team led by Michael Hartnett said, “AI equity leadership ain’t budging for the time being, and we like gold & China stocks as best boom/bubble hedges.”
The same team noted that outflows from global gold funds hit a record $7.5 billion in the latest weekly data from EPFR, after four months of inflows.
On the other side, Chinese stocks have surged, with the MSCI China Index up 33% this year, helped by Optimism around generative AI after DeepSeek’s emergence.
But the index is now close to ending a five-month winning streak, as investors refocus on U.S.–China tensions and China’s economic challenges.
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