Bitcoin has staged a powerful comeback, surging approximately 30% from its yearly low of $60,000 to trade above $81,500, according to a report from CryptoComLearn. The rally is largely attributed to sustained inflows into spot Bitcoin ETFs, which recorded a single-day net inflow of $630 million on May 1, underscoring robust institutional demand.
Gold Sinks Under Dollar Strength and Higher Yields
In contrast, gold has declined more than 2% from its late-April highs, currently hovering near the $4,560–$4,585 range. The yellow metal is being squeezed by rising U.S. Treasury yields and a strengthening U.S. dollar. The dollar's dominance is reflected in offshore USD deposits reaching a record $14.5 trillion, signaling robust global demand for the greenback. As a non-yielding asset, gold suffers when real yields and the dollar climb.
Capital Rotation Favors Bitcoin
While a strong dollar typically weighs on risk assets, Bitcoin has decoupled from this traditional correlation, benefiting from its own structural catalysts. The launch of spot Bitcoin ETFs has channeled significant capital from traditional safe havens like gold into the crypto market. Market sentiment remains positive, with on-chain data showing continued accumulation by long-term holders.
Should the current momentum persist, Bitcoin could target the $89,000 to $100,000 range. However, the report warns that further dollar strengthening or higher bond yields could cap upside. Investors are advised to monitor Fed policy signals and ETF flow trends closely.