Bitcoin Sits Out Santa Rally as Stocks and Precious Metals Set Records

“The tone remains defensive,” BRN head of research Timothy Misir said earlier this week, noting that upside attempts have struggled to gain follow-through. Wall Street flows have echoed that caution, with U.S. spot bitcoin ETFs seeing roughly $500 million in net outflows this week and about $4.3 billion pulled over the final two months of the year, alongside a more than $1.2 trillion decline in total crypto market value.

While bitcoin has drifted lower, precious metals have surged. Gold climbed to a record above $4,580 per troy ounce on Friday, while silver pushed past $75, setting new all-time highs. Silver is up roughly 160% from its 2025 open near $30, while gold has gained over 70% this year. The rally has been driven by escalating geopolitical tensions, a weaker U.S. dollar and year-end liquidity conditions that have amplified price moves, according to analysts. Central-bank purchases, ETF inflows and expectations for further Federal Reserve rate cuts in 2026 have also supported demand for non-yielding assets, according to a recent Bloomberg report.