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Status: MONITORING — BTC outperforming gold is the story

Key Update

The most interesting development isn't crypto's absolute performance — it's crypto vs gold:

BTC is flat-to-positive while gold crashes -14.5%. This is the first real-world test of the "Bitcoin as digital gold" thesis during a major geopolitical crisis, and Bitcoin is... passing? It's not rallying, but it's not crashing like gold. That's noteworthy.

IBIT (Bitcoin ETF) has a death cross though, suggesting institutional flow is weakening even as the spot price holds. Mixed signal.

Updated View Keep monitoring. The BTC vs GLD divergence is the key ratio to watch. If BTC holds while gold continues to fall, the digital gold narrative gets a major real-world data point.