Gold’s slide into a bear market is colliding with an unexpected trend: investors are pouring money into Bitcoin ETFs instead.

This dichotomy is particularly interesting, as the price of gold has declined by over 20% from its January highs, which is enough to qualify as a bear market, whereas U.S. spot Bitcoin ETFs have received over $2 billion in inflows over the last few weeks.

Bloomberg ETF analyst Eric Balchunas tweeted that iShares Bitcoin Trust ETF (NASDAQ:IBIT) is already in the top 2% among all ETFs in YTD flows.

ETF Flows Tell The Real Story

Perhaps the most visible aspect of this is the flow data.

The largest gold ETF, SPDR Gold Shares (NYSE:GLD), recorded a record monthly outflow of…

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The company also secured a revolving credit facility of up to $200 million with an investment-grade hyperscale tenant.

Expansion Into Data Center Infrastructure

Under its third campus lease, Cipher will develop and deliver a new HPC data center at an existing site.

The credit facility includes $200 million in committed capacity, with an additional $50 million accordion option, and is intended to support liquidity, working capital and growth initiatives.

The facility matures in March 2030, carries interest based on SOFR plus 1.25% to 1.75%, and was undrawn at closing.

Financing and Institutional Support

Morgan Stanley served as administrative agent, lead arranger, and bookrunner for the…

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The Crisis Hedge Failure

“No matter what happens, we have to question whether either gold or crypto ‘worked’ in a true crisis,” Cramer stated. “All I saw were margin calls and people who should just play the prediction markets.”

The data backs Cramer’s skepticism.

Gold dropped as much as 27% from its January peak and is down roughly 12% since the Middle East conflict escalated in late February. 

The yellow metal just posted its longest losing streak in over a century, lasting 10 consecutive days—its worst run since February 1920.

Meanwhile, Bitcoin is holding above $70,000, but that represents a 20% decline year-to-date despite $2.5 billion in Bitcoin ETF inflows this…

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Circle Internet Group Inc (NYSE:CRCL) stock tumbled on Tuesday after a restrictive Senate draft of a stablecoin bill rattled investors.

However, shares are bouncing back on Wednesday, right after rising in premarket trading.

Meanwhile, Ark Invest doubled down and Circle pushed forward with European and African expansion plans.

Regulatory Pressure Batters CRCL Stock

Circle Internet’s shares plunged after a Senate draft of the CLARITY Act proposed barring companies from paying yield on stablecoin balances held in trading accounts, directly threatening USDC’s appeal as a yield-bearing product.

The rule could slow USDC adoption, reduce wallet growth, and weaken the bull case that regulatory…

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Crypto AI agents are autonomous software programs that don’t sleep, panic-sell, or chase pumps. They are capable of holding wallets, executing trades, and managing positions without human input.

For investors, this is a structural change in how markets behave, and it has direct implications for how portfolios should be built.

The numbers already tell the story. For example, Virtual Protocol recorded more than 23,500 active wallets and about $479 million in AI-driven economic activity as of March, 2026. 

Currently, the wider AI-agent token market is worth around $22.8 billion, and at one point this year, it added $10 billion in value in just a single week.

That kind of growth reveals that…

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The Bernstein Counter-Thesis

Analyst Gautam Chhugani and his Bernstein colleagues argue the market misread the risk. “Circle earns. Coinbase distributes. The Clarity Act targets distribution,” they wrote in an investor note.

The proposal would ban companies from paying users simply for holding stablecoins in a way that resembles interest on bank deposits. 

However, carve-outs for activity-based rewards could still allow platforms to offer incentives linked to payments, trading, or loyalty programs.

Bernstein said the selloff “may not be calibrated enough” because rewards tied to bona fide activity may still be permitted under the draft language.

The Clarity Act Stablecoin Battle

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