Crypto Misses the Macro Trade as Retail Dives Into Gold, Stocks

Gold is topping $5,000. Stocks keep booming. The dollar is falling again. Yet Bitcoin — hailed as both a momentum and “debasement” trade — is sitting out the action. Its price is stalling, volumes are limp, and longtime believers are drifting toward more dependable markets like equities and precious metals.

The original cryptocurrency is hovering around $87,000 — down 25% since October and off 6% just in the past seven days. Investors have pulled more than $1.3 billion from Bitcoin-linked funds over the last week, according to data compiled by Bloomberg, part of a broader retreat from ...