Bitcoin’s struggle to regain upward momentum is becoming more apparent as investors increasingly favor traditional safe-haven assets, with gold and silver posting steady gains amid ongoing market uncertainty. New analysis from on-chain data provider CryptoQuant highlights a clear divergence in capital flows, showing that while precious metals are benefiting from risk-off sentiment, bitcoin remains stuck in a phase of sideways consolidation.
According to CryptoQuant analysts, bitcoin continues to be treated primarily as a risk asset rather than a defensive hedge during periods of macroeconomic stress. This perception is limiting fresh inflows, as new demand remains weak and short-term holders continue to apply selling pressure. These dynamics are preventing bitcoin from building the sustained momentum needed for a breakout, even as broader financial markets search for stability.
On-chain indicators referenced by CryptoQuant suggest that short-term holders, often more sensitive to price volatility, are contributing to overhead resistance by offloading positions during minor rallies. At the same time, the absence of strong spot demand from long-term investors and institutions has reduced the probability of a near-term upside move. In contrast, gold and silver are benefiting from their long-established role as stores of value during uncertain economic conditions, drawing capital from investors seeking lower volatility and capital preservation.
CryptoQuant’s base-case outlook indicates that this trend may persist in the near term. Safe-haven assets are expected to remain supported as long as macroeconomic uncertainty and cautious investor sentiment dominate the landscape. For bitcoin, the firm notes that meaningful upside will likely remain limited until there is clear evidence of sustainable demand returning to the market, whether through renewed institutional participation, stronger spot buying, or improving macro conditions that encourage risk-taking.
For crypto investors, this divergence serves as a reminder that bitcoin’s market behavior can still closely align with broader risk cycles, despite its long-term narrative as digital gold. While periods of consolidation often lay the groundwork for future moves, CryptoQuant’s analysis suggests patience may be required, as bitcoin waits for a catalyst strong enough to shift sentiment and unlock its next phase of growth.
