Bitcoin Cools as Gold and Stocks Enjoy Fresh All-Time Highs

In brief

Bitcoin dipped below $121,400 while the S&P 500, Nasdaq, gold, and silver all hit record highs.
BTC has underperformed stocks and precious metals for two months, with gold up 53% versus Bitcoin’s 29% gain in 2025.
Fed Chair Powell’s brief remarks offered no economic guidance, leaving traders uncertain about upcoming monetary policy decisions.

Bitcoin has cooled slightly while the S&P, Nasdaq, and precious metals have all reached new all-time highs in the past day—and that’s unsurprising, an analyst told Decrypt.

At the time of writing, Bitcoin is changing hands for $121,336 after having dropped by 0.9% in the past day. But it’s still 1.5% higher than it was last week and 7.6% above last month’s price, according to crypto price aggregator CoinGecko.

And despite the small pullback, BTC is still trading within 3.8% of its new all-time high above $125,000, which was set over the weekend.

Over the same period, the S&P 500 and Nasdaq 100 set intraday and closing record highs yesterday. Gold has surged past $4,000 for the first time ever and silver has surpassed $51 per ounce, according to TradingEconomics.

“Bitcoin continues to show weakness compared to the S&P, Nasdaq, and precious metals like gold and silver. I don’t expect today’s Powell speech to change that,” pseudonymous CryptoQuant analyst Maartunn told Decrypt. “For the past two months, Bitcoin has consistently underperformed these assets.”

Users on Myriad, a prediction market platform owned by Decrypt parent company DASTAN, agree that Bitcoin’s chances of outperforming gold in 2025 are very low. As of this morning, 68% of participants think the precious metal will beat the world’s largest cryptocurrency this year.

Bitcoin has climbed 29% so far this year, from about $94,000 to its current level. But gold started the year around $2,642 per ounce and has climbed as high as $4,040 by Thursday morning—a staggering 53% increase since January.

Maartunn also mentioned Federal Reserve Chair Jerome Powell’s opening remarks at the Community Bank Conference in D.C. this morning. Usually investors go through Powell’s speech transcripts with a fine-tooth comb, looking for clues about how the Federal Open Markets Committee views monetary policy.

But his pre-recorded video lasted less than one minute and made no mention of current economic conditions. That’s left traders with little to gauge how the FOMC might vote when it next meets at the end of the month. In the hours following his speech, Bitcoin dropped 1.3% and dipped below $122,000.

Maartunn said Bitcoin investors could be waiting a while if they’re hoping to see BTC outperform stocks and precious metals.

“I’d prefer to see a sustained shift over several days before considering the two-month trend broken,” Maartunn said.