During the 2020 pandemic, when US Treasury inflows spiked amid COVID-19 uncertainty, Bitcoin soared from $9,000 to nearly $60,000 by early 2021, with gold’s share of global reserves rising by 14.5% in 18 months. The current environment, marked by a stabilizing bond market and a central bank’s gold rush, implies a similar trigger for Bitcoin’s next bullish move.
Total macroeconomic positioning in Bitcoin.Source: X.comThis aligned with Bitwise CEO Hunter Horsley’s observation that Google searches for "Bitcoin" are near long-term lows, suggesting the rally is fueled by institutions, advisers, corporations, and nations rather than retail investors. The lack of retail-driven search interest contrasts with historical trends where Bitcoin search volume strongly correlated with its price in the previous cycle (r=91%, per SEMrush data), indicating a shift in market dynamics where institutional adoption is fueling demand.
This suggests that while private investors were possibly driving inflows, foreign central banks are stepping back, possibly due to the ongoing tariff dispute with the US. Foreign central banks’ gold and treasury holdings.Source: X.comAt the same time, gold’s share of global reserves has surged to 18%, a 26-year high, up 8% since 2015, with China doubling its gold reserves to 7.1% since 2023.
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Author / Journalist: Cointelegraph by Biraajmaan Tamuly
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