News on February 5: Following a strong rally in gold accompanied by increased volatility, Bitcoin’s long-term appeal relative to gold has improved. Although cryptocurrencies have shown weak performance recently, the scale of market liquidations has remained relatively limited.
However, Bitcoin spot ETFs continue to experience capital outflows. The bank emphasized that Bitcoin is currently trading significantly below its approximate cost basis of $87,000—a level that has historically been regarded as an important support reference. Compared with gold, Bitcoin’s risk-adjusted return profile has improved markedly. Its volatility relative to gold has fallen to historical lows, indicating that Bitcoin has significant upside potential over the long term.