The Rise of Gold and Bitcoin's Stability: Experts Interpret Institutional Investors' "Technical Silver Procurement" Strategies in 2026

Against the backdrop of a rapid decline in global risk appetite, a delicate asset rotation is quietly unfolding. Gold and silver are hitting new all-time highs, while Bitcoin is experiencing the “adolescence” of the institutional era - the price is relatively stable, but this is not a signal of market dishonesty, but a sign of maturity in the market. As XBTO CEO Philip Bekatz said, we are witnessing the widespread application of the “technical silver sourcing” strategy in the cryptocurrency market – institutional investors pursue exposure to Bitcoin while controlling volatility through hedging tools and risk management.

From Risky to Institutionalized: A New Chapter for Bitcoin

The current BTC price stands at $84,650, with a 24-hour drop of 5.41%, which comes amid a sell-off in Japanese bonds and a resurgence of the threat of US tariffs. But behind this price fluctuation lies a deeper market shift – Bitcoin is no longer a playground for adventurers but is becoming an allocation asset for institutional investors.

In a recent interview, Bekaz emphasized that there are fundamental differences between Bitcoin and traditional “cryptocurrencies.” “Bitcoin’s story is ‘crystallizing,’” he explained, “and it is undergoing a transition from the venture capital stage to the institutional maturity stage, which is similar to the market evolution after a public company goes public.” "What are the characteristics of this stage? Lower volatility, more rational risk management, and the need for predictability from exchange-traded funds (ETFs) and corporate balance sheets.

This structural change changes the behavior patterns of market participants. During the venture capital period, Bitcoin attracted investors with its exponential gains, which valued short-term price surges. Now, price volatility has converged significantly as standardized tools, corporate treasuries and derivatives markets absorb increasing liquidity. This does not mean that Bitcoin’s long-term investment thesis has changed.

Institutional investors’ “technology silver procurement” strategy and risk management innovation

Bekaz continues to adhere to a clear position: the mismatch between supply-side structural constraints (Bitcoin’s fixed, predictable supply) and demand-side sustained growth (ETF inflows and expanded institutional investment) remains the fundamentals underpinning Bitcoin’s long-term valuation. This imbalance theory continues to provide support to the price, even if the short-term price action appears relatively modest.

However, the source of the rate of return has changed. Bekaz pointed to the October liquidation cascade event — when more than $19 billion in leveraged positions were liquidated in the crypto market — as evidence that institutional activity is now focused on risk transfer rather than direct directional bets. “We see a lot of large investors looking for exposure to Bitcoin, but they need protection against severe value declines,” he said. This is exactly what the “technical silver sourcing” strategy manifests in practice – investors refine their positions through derivatives, options, and other risk management tools.

Meanwhile, the fragmented structure of the crypto market — which Bekaz describes as a “purely exchange-specific issue” — continues to exacerbate these price mismatches. He argued that this structure creates opportunities for active managers to act as liquidity providers, where they can capture alpha through subtle differences in the market’s microstructure when liquidations trigger price gaps, while Bitcoin’s long-term fundamentals remain intact.

Gold regains its prestige: cyclical capital redistribution, non-existential threat

The revival of gold and silver subtly corroborates this thesis. Bekaz expects capital to flow from Bitcoin to gold as macroeconomic tensions rise, especially among those investors with a high concentration of Bitcoin in their portfolios. Gold still maintains its status as the “world’s safe-haven currency”, especially when “something goes wrong” - especially for governments and central banks that lack the liquidity and power to quickly move large sums of money to Bitcoin.

But the nature of this rotation is cyclical, not fundamental. In the interview, Bekaz emphasized the importance of relative valuation relative to absolute price, insisting that Bitcoin’s ratio to gold is more important than the overall return. Gold mainly absorbs urgency and scale. In contrast, Bitcoin is increasingly seen as a balance sheet asset by institutional investors, and its value proposition is displayed in a longer-term perspective.

Real-time presentation of market movements: Asynchronous performance of crypto and traditional assets

Bitcoin (BTC): The price fell from about $89,000 to $84,650, with a 24-hour decrease of 5.41% and a daily trading volume of $1.13B. This decline stemmed from the sell-off in Japanese bonds and the reignited threat of US tariffs. Derivatives data shows that traders tend to take short positions rather than aggressive selling in the spot market.

Ethereum (ETH): Ethereum performed even worse, with the price falling to $2,810 with a 24-hour drop of 6.50%. The daily decline caused by the massive spot sell-off suggests that compared to Bitcoin investors, they are more vulnerable and have weaker defensive positions in a risk-off environment.

Gold and silver: These two precious metals continue to break through all-time highs. The London Precious Metals Market Association (LBMA) 2026 Outlook Survey set the most optimistic record of the century, with analysts predicting that the average price of gold will rise by nearly 40% from 2025 and silver will nearly double. These forecasts reflect deep market concerns about global economic uncertainty.

Nikkei 225 indexJapan’s Nikkei 225 index fell 1.28%, following a broad market decline in the Asia-Pacific region and the worst performance of U.S. stocks in three months (triggered by President Trump’s tariff threat around Greenland). Despite a slight increase in US equity index futures in early Asian trading, global risk sentiment is clearly under pressure.

Key Questions: Signs of a Mature Market or Mispricing?

Bekaz also made it clear what might overturn his argument. If Bitcoin behaves like a high-beta tech asset in times of inflation or crisis, the “digital gold” narrative will fail. Continued outflows from ETFs in the regular 20% adjustment will signal weak institutional players. While price increases accompanied by a decline in blockchain activity or increased stablecoin usage will indicate that the institutional era is based on speculation rather than utility.

At a time when Bitcoin’s price action has been quite volatile in the last 24 hours, the market is testing Bitcoin’s ability to maintain stability while absorbing macro pressures from gold. Whether this relative “undervaluation” is a sign of market maturity or mispricing will be determined at the next cycle stage.

Updated: January 29, 2026