Bitcoin all-time high due in ‘2-3 weeks’ as traders see BTC copying gold

Bitcoin (BTC) abandoned its latest gains into the Feb. 11 Wall Street open as gold consolidated after a fresh all-time high.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Binance confusion spoils BTC price upside

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping $1,500 in a single hourly candle.

Reports that major global crypto exchange Binance had sold almost all of its Bitcoin, Ether (ETH), Solana (SOL) and others, appeared to exacerbate downside volatility.

While not new, the drawdown in Binance’s crypto reserves, rumored to be a result of profits on its holdings, became a hot topic across social media on the day, with Binance subsequently denying the claims.

Source: Binance Customer Support

BTC price action thus struggled as Wall Street began trading, while gold cooled its rampant ascent into price discovery.

This had produced fresh record highs of $2,942 per ounce after the daily open.

XAU/USD 1-hour chart. Source: Cointelegraph/TradingView

“Physical gold BUYING has gone apocalyptic: Gold inventories in the 3 largest COMEX gold vaults just surged by 15 MILLION ounces in 2 months,” trading resource The Kobeissi Letter responded on X.

“That’s a +115% increase, putting physical gold holdings ABOVE 2020 pandemic levels.”

COMEX gold storage data. Source: The Kobeissi Letter/X

Kobeissi attributed the phenomenon to US liquidity injections, along with uncertainty over inflation trends.

“And this is particularly the case as US Deficit spending is out of control. The US has borrowed $838 BILLION in the first 4 months of FY 2025,” it continued.

“This is crushing bond prices as treasury yields are driven higher. Gold’s position as the global hedge has only grown as a result.”

Gold adjusted for US M2 money supply. Source: The Kobeissi Letter/X