Bitcoin investors have experienced net losses over the past 30 days, marking the first such period since late 2023 after more than two years of consistent realized gains.
Data from Julio Moreno, CryptoQuant’s head of research, reveals that Bitcoin’s (BTC) rolling 30-day realized profit and loss metric has fallen below zero. This indicates that coins transacted on-chain during the last month were sold at prices lower than their original purchase cost.
Moreno noted on X: “For the first time since October 2023, Bitcoin holders are realizing losses over a 30-day span.”
The net realized profit/loss indicator measures the overall profits or losses made by all holders who spend coins. A negative value doesn’t necessarily mean a price drop but suggests increased selling pressure from investors who bought at higher prices.
Bitcoin net realized profit/loss metric. Source: Julio Moreno
Related: Institutional demand for Bitcoin remains robust according to CryptoQuant
Gold Reaches New Heights Amid Rising Global Uncertainty
As Bitcoin and other digital assets face renewed challenges, gold has surged beyond $4,700 per ounce for the first time ever. Growing geopolitical tensions are driving investors toward traditional safe-haven assets like precious metals.
This Tuesday saw spot gold hit an unprecedented peak of $4,701.23 before slightly retreating; meanwhile US gold futures also reached new record levels. Silver closely followed suit by trading near historic highs after briefly touching $94.72 per ounce.
The surge in precious metals coincides with worsening global sentiment triggered by fresh tariff threats from US President Donald Trump. His warning about imposing new trade restrictions against European allies unless Denmark agrees to transfer Greenland reignited fears of an escalating trade war.
This divergence between asset classes has caused the Bitcoin-to-gold ratio to plummet sharply—down more than half from its previous peak according to Bitfinex data. An analyst commented on X: “The last time we saw this level, BTC eventually outperformed gold; this cross is worth monitoring as liquidity builds into 2026.”
Bitcoin to gold ratio chart source: Bitfinex
Related: Europe’s ‘trade bazooka’ threat pushes bitcoin down while boosting gold futures
Tensions Trigger Outflows From Spot Bitcoin ETFs in US Markets
The rising geopolitical uncertainty also impacted US-listed spot Bitcoin exchange-traded funds (ETFs), which recorded net outflows totaling $394.7 million on Monday alone—ending a four-day streak that had seen inflows exceeding $1.8 billion into these products according to SoSoValue data.
“President Trump’s aggressive stance on trade is pushing markets back into risk-off mode,” said Farzam Ehsani, co-founder and CEO of Valr in a note shared with Cointelegraph.
Ehsani further explained that tariff threats along with retaliatory actions historically create significant obstacles for digital currencies and other risk-sensitive assets.
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