In recent days, a phenomenon is attracting attention: assets considered very different — like gold, silver, and Bitcoin — are falling simultaneously. When all assets drop at the same time, you need to look elsewhere than the charts.
For many, this seems contradictory. Gold is supposed to protect in times of uncertainty, Bitcoin is often presented as an alternative to the traditional system… so why is everything falling at the same time?
The answer is not only found in technical analysis. It is found higher up, at the level of overall liquidity and the behavior of capital.
1. When the market sells everything, it is not a coincidence
When multiple asset classes fall at the same time, it is usually not a sector-specific problem. It is often a sign of liquidity stress.
In these phases:
Investors are looking for cash
Risky positions are closed as a priority
Even so-called 'safe haven' assets are temporarily sold
This type of movement does not necessarily indicate a long-term loss of confidence, but rather a forced rebalancing of portfolios.
2. The central role of the dollar and interest rates
Summary image from 1990 to 2024
A key element often underestimated is the strength of the dollar and monetary policy.
When:
Rates remain high
The cost of money is increasing
The dollar is strengthening
Capital tends to leave non-productive assets with immediate yield, such as:
Gold
Silver
Bitcoin
It is not a matter of belief or narrative, but of risk management and financial arbitrage.
3. Bitcoin no longer escapes macro dynamics
Unlike its beginnings, Bitcoin is now integrated into institutional portfolios.
This means one important thing: it reacts more and more to global macroeconomic conditions.
In times of tension:
Bitcoin behaves like a 'risk-on' asset
It is sold in the same way as stocks or commodities
The 'safe haven' narrative takes a back seat
This behavior does not invalidate his long-term thesis, but reminds that macro timing remains crucial.
4. What the market is doing, silently
While prices are falling and attention is focused on the short term, the market is doing something else:
It eliminates excess leverage
It tests investors' patience
It redistributes assets from weak hands to strong hands
Historically, these phases are uncomfortable, long, sometimes boring. But they are also the ones where the foundations for the next cycles are built.
5. Rational reading for investors
Given this context, three mistakes are common:
Seek a unique and immediate explanation
Reacting emotionally to each movement
Confusing short-term volatility with underlying trend
A more rational approach is to:
Observe overall liquidity
Follow macro decisions rather than rumors
Accept that some movements are normal in a cycle
What is happening currently in the market is neither a generalized collapse nor an unexplainable anomaly.
This reflects a demanding macroeconomic environment, where liquidity is scarcer and capital becomes selective.
Understanding this allows for stepping back, avoiding hasty decisions, and placing each movement in a broader context than just the daily chart.
In those moments, the advantage is not speed, but clarity.