Viewpoint: Retail buying of Bitcoin has hit rock bottom, while gold and silver have diverted market attention.

On December 8, according to Business Insider, Joe Ciolli, author of the “First Trade” column, stated that over the past 10 years, Bitcoin has risen in tandem with US stocks. However, since the start of 2025, US stocks have achieved double-digit percentage gains, while Bitcoin remains in the loss zone. Reasons for this include the disappearance of retail investors’ dip-buying; their sentiment toward Bitcoin has cooled sharply, which is directly reflected in the slowdown of ETF inflows. Another possibility is that popular precious metals—gold and silver—which both hit new highs this year, have diverted some of the attention. Some believe that at least at this stage, these metals have replaced Bitcoin’s role in investment portfolios. Joe Ciolli added that Bitcoin’s recent decline may serve to flush out some of the less resolute speculators. Those still holding Bitcoin today are mostly steadfast long-term supporters, many of whom have likely been holding for quite a while. If Bitcoin can shake off some of its unique overhangs, such as the risk of forced selling by large institutional holders like Strategy, it is likely that Bitcoin will return to its long-term correlation with stocks, especially if rate cuts happen as expected.