Bitcoin eases to $88,500 amid silver’s $100 breakout and gold’s $5,000 push

U.S. spot bitcoin ETFs have logged more than $1.6 billion in net outflows over the past four trading sessions, signaling a swift reversal in investor appetite after last week’s robust inflows.

Bitcoin slid at the start of Friday’s U.S. session, dropping back to around $88,500 even as commodities continued a powerful rally. Silver surged past $100 an ounce for the first time on record, while gold hovered just below $5,000. Platinum climbed 5% to a new all-time high, and copper advanced 2.5% to just shy of its own record, underscoring broad strength across metals.

Crypto-related equities moved lower alongside the digital asset. Coinbase fell 2.6%, Strategy declined 1.2%, and bitcoin miners Riot Platforms and MARA Holdings each slipped around 2%.

The weakness in crypto came despite a rebound in U.S. equities. Major stock indexes erased early losses, with the Nasdaq up about 0.4% even after Intel shares plunged 15% following earnings. Intel beat fourth-quarter expectations but offered softer first-quarter guidance, citing constraints in AI chip supply. The stock remains up 17% so far this year.

U.S. session returns fade

Bitcoin’s performance during U.S. trading hours has deteriorated notably. When prices reached $98,000 last week, cumulative year-to-date returns during U.S. sessions stood near 9%, according to CoinDesk senior analyst James Van Straten. Those gains have since fallen to roughly 2%, pointing to weakening demand from U.S.-based investors.

That slowdown has coincided with heavy withdrawals from U.S. spot bitcoin ETFs, which have shed more than $1.6 billion over the past four sessions.

Jasper De Maere, desk strategist at crypto trading firm Wintermute, said recent increases in stablecoin redemptions into fiat suggest some institutional investors who re-entered the market earlier this year may now be scaling back exposure.