Why is Bitcoin Quiet in 2026 While Gold Rises: XBTO CEO's Analysis of the New Market

Bitcoin remains quiet amidst global economic uncertainty, dropping to $88,000 and down 2.45% in the past 24 hours. While gold and silver prices have risen to multi-year highs, the primary cryptocurrency continues to stay relatively calm, not reflecting the high volatility previously seen in the market. This divergence indicates a deeper shift in the cryptocurrency industry—the era of temptation has ended, and the institutional age has begun.

The Institutional Era of Bitcoin Markets

Philippe Bekhazi, CEO of XBTO, offers a critical perspective on why Bitcoin remains subdued amid global stress. According to his analysis, cryptocurrency is no longer acting like a frontier asset with rapid rises and falls. Instead, it has entered a post-IPO market phase where institutional investors prioritize quality, liquidity, and risk management over excessive volatility and high returns.

“Bitcoin is different from what we call Crypto,” Bekhazi states. Bitcoin has evolved from a speculative frontier asset into a more mature financial instrument. This transformation is not just a market correction—it’s a substantial change in how investors connect with the core cryptocurrency.

The result is a calmer market. Where Bitcoin once experienced large daily swings, it is now more predictable and cautiously moved by large institutional investors. This environment has also shifted where potential gains come from for traders and fund managers. Direct bets on price are no longer the main strategy; instead, risk management and hedging have become central to the institutional playbook.

The Risk-Off Environment and Macro Stress in Crypto

Global economic slowdown has created a “risk-off” sentiment across all asset classes. Bonds are selling off, stock futures are declining, and investors are seeking safer havens. In this world, Bitcoin remains quiet, not inviting new buyers on a long-term basis.

In October, the industry experienced a severe liquidity crunch—over $19 billion in leveraged positions were wiped out in just a few hours. That event went beyond price; it provided a high-level lesson for institutional investors about the risks of microstructure and supply-demand imbalances in crypto markets.

The structure of cryptocurrency markets—fundamentally different from traditional financial markets—continues to create opportunities for active managers to generate alpha through microstructure arbitrage, even as the longer-term narrative remains strong.

Why Gold is Preferred by Investors During Times of Uncertainty

While Bitcoin remains quiet, gold has surged. Precious metals prices have hit multi-year highs, and the London Bullion Market Association (LBMA) forecast for 2026 is the most optimistic in a century. Analysts project gold prices to increase by nearly 40% over the year, while silver could almost double.

The rotation into gold is not coincidental. According to Bekhazi, gold remains “the safe haven currency” during macro stress. Governments and central banks, facing liquidity constraints and the need to scale quickly, prefer physical gold over more experimental digital assets.

For pure Bitcoin investors wary of macro outlooks, gold offers a more stable alternative. The Bitcoin-to-gold ratio is more significant than the absolute performance of either—reflecting the dual forces of supply, demand, and investor risk appetite.

This movement is cyclical, not existential. As institutional demand for Bitcoin grows through ETFs and corporate treasuries, the short-term preference for gold may fade as macro dynamics change. But for now, gold is capturing attention and capital that previously flowed into Bitcoin.

Market Colors: BTC, ETH, XRP, and Other Crypto Assets

The current market snapshot shows broader risk concerns:

Bitcoin (BTC): The leading cryptocurrency has fallen to $88,000 with a 2.45% decline in 24 hours. Derivatives data indicates traders are more confident in short positions than aggressive spot buying, signaling a more cautious stance amid macroeconomic headwinds.

Ethereum (ETH): Ether has dropped to $2.93K, down 3.25% in 24 hours. The larger decline in ETH compared to BTC reflects lower defensive positioning—spot selling is heavier for altcoins than Bitcoin, suggesting less confidence in the Ethereum ecosystem under current conditions.

XRP: Ripple’s token has increased by 0.70% over the past month, outperforming broader market sentiment. U.S.-listed spot XRP ETFs have seen net inflows of $91.72 million this month, indicating ongoing demand for XRP exposure even as the wider crypto market waits.

Pudgy Penguins: While Bitcoin remains quiet, some NFT-native brands are growing. Pudgy Penguins is emerging as one of the strongest NFT platforms in this cycle, shifting from speculative luxury goods to a multi-vertical consumer IP ecosystem. The ecosystem includes phygital products (over $13M in retail sales and 1M+ units), games (Pudgy Party surpassing 500K downloads), and the widespread distributed PENGU token (air-dropped to over 6M wallets).

The Next Chapter for Bitcoin and Precious Metals

The question to answer is whether Bitcoin’s relative calm signals market maturation or mispricing of the significant metal. The narrative will clarify whether the upcoming ETF outflows continue amid regular 20% corrections, or if institutional demand supports longer holding periods.

If Bitcoin is sold as a high-beta tech asset during inflation crises, the “digital gold” narrative may be undermined. But if the calm Bitcoin—quiet but steady—reflects institutional settling-in, the cycle could extend longer than market speculators expect.

For now, the market is observing. Bitcoin remains quiet, gold has risen, and institutional investors continue to navigate the new landscape of a mature crypto market. The next move will determine whether this is genuine evolution or a temporary reprieve.