Bitcoin fell as much as 3.9% to $81,102 in Singapore on Friday, the weakest since November 21, continuing a run that gained momentum overnight. It is now down more than 34% from an all-time high reached on October 6.
The 12 U.S.-listed spot Bitcoin ETFs have recorded three consecutive months of net redemptions, which, if the trend continues through the end of January, will mark the longest sustained outflows since the vehicles launched in 2024. Some $4.8 billion has leaked from the products in that period, according to data compiled by Bloomberg.
Bitcoin’s slump is in stark contrast to the recent rise in gold and other precious metals, as investors seeking refuge from geopolitical uncertainty shun cryptocurrencies in favor of traditional safe-haven assets. That calls into question the claim that the token functions as a kind of ‘digital gold’.
“Suddenly, cryptocurrencies no longer seem to be an alternative to fiat money and a hedge against the less-than-responsible financial policies of major countries,” said Alex Kuptsikevich, chief market analyst at FxPro.
Fund flows underline the shift. BlackRock’s iShares Bitcoin Trust, the largest Bitcoin ETF, and one of the most successful fund launches ever, has fallen behind BlackRock’s Gold ETF in terms of total assets.
One way to assess whether Bitcoin is living up to its potential as digital gold is to measure its value in the precious metal itself. The price is failing on that front and, in gold terms, is down about 60% from its late 2024 peak.
For some traders, the latest decline signals more pain for Bitcoin, with the potential for a break below $80,000 if bearish sentiment continues this weekend.
“I wouldn’t be shocked if BTC were trading near $70,000 soon,” said Adam McCarthy, research analyst at Kaiko. If the price falls below $80,000 today, “it could continue to slide over the weekend and with lower liquidity on these days that could have an outsized impact,” he said.
Tony Sycamore, market analyst at IG Australia, said the latest sell-off is in line with his view that the rise from the November low was a corrective or counter-trend rally.
“The overnight decline indicates that the downward trend has now resumed,” he said.
Published on January 30, 2026
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