Bitcoin-to-Gold ratio breaks long-held support
Bitcoin’s long-trusted gold ratio just cracked below its support zone.
- Key signal. The BTC/gold ratio has fallen below a multi-year support level near 25x, a line that historically acted as the market’s long-term risk-appetite floor.
The Bitcoin-to-gold ratio just broke through a support line that has held this market together for years. According to Bloomberg’s Mike McGlone, this is not just a hiccup; it is a warning shot that the BTC/gold market is heading straight toward the 13x zone, which would mean a 30% drop from the current level in the low 20s.
For a metric that typically behaves as a slow, long-term gauge of risk appetite, this kind of decline is unusual and unsettling. The setup looks almost scripted as Bitcoin’s long-trusted 25x floor failed without hesitation.
- Bearish internals. Bloomberg’s internal driver indexes show BTC demand rolling over.
The internal driver indexes, which Bloomberg uses to track whether BTC is being lifted by its own demand or by the mood of the broader market, rolled over. Equity-volatility overlays show the same downward bend.
Together, these indicators paint an uncomfortable picture for the crypto market: risk buying is fading, not rotating, stresses McGlone.
Shiba Inu burn rate explodes 23,864% after days of zero activity
Shiba Inu sees 16,661,951 SHIB destroyed as burn rate skyrockets 23,864%.
- Massive burn spike. SHIB’s burn rate surged 23,864% in 48 hours after nearly zero burn activity earlier in the week.
Shiba Inu (SHIB) has witnessed a dramatic shift in crucial metrics within the last 48 hours. The meme coin soared from zero burn activity to posting a 23,864% spike in the deflationary mechanism, permanently removing 16,661,951 SHIB from the overall supply.
As per Shibburn, a platform that monitors burn activities on the blockchain, the sending of over 16.6 million SHIB to dead wallets has reduced the circulating supply to 585,262,575,282,578 SHIB. The total SHIB that has been burnt from the initial supply now stands at 410,753,682,871,874 SHIB.
Some opine that despite the over 23,800% burn rate, it remains a small fraction in the total circulating supply, which is still worth trillions of tokens. With less than 17 million SHIB removed from circulation, its impact on the price outlook might not be significant.
XRP slips to $1.98 as market sell-off deepens
XRP has plunged below $2 despite the strong performance of the Bitwise ETF.
- Sharp decline. XRP dropped to an intraday low of $1.98 and is down 16% over the past week.
According to data provided by CoinGecko, the XRP token slipped to an intraday low of $1.98 earlier today. The Ripple-linked cryptocurrency has plunged by a whopping 16% over the past week.
The popular altcoin remains under severe pressure alongside other major cryptocurrencies. The crypto market is currently in the middle of a major sell-off due to the hopes of Federal Reserve rate cuts fading.
- XRP price. Recent XRP ETF debuts have generated good volumes but failed to trigger sustained rallies.
Bitwise’s recently launched XRP ETF has already surpassed $22 million in trading volume. Once again, this shows that there is a rather strong institutional demand for XRP. Even though Bitwise’s XRP product is seeing impressive trading volumes, the ETF isn’t pushing XRP’s price higher.
There have been a few other recent XRP-ETF launches ( that also failed to spark a sustained rally in XRP’s price, despite healthy volume. Here are some notable ones, and why they may not have helped price as much as some hoped.