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Bitcoin slumped to fresh two-month lows in early Asia trade as sentiment continues to sour around the largest cryptocurrency and investors pull money out of exchange-traded funds for the token.

Bitcoin fell as much as 2.23% to $82,931 Friday in Singapore, its weakest since Nov. 22, extending a rout that gathered pace overnight. It is now down more than 33% from an all-time high reached on Oct. 6. Over $1.5 billion in bullish positions across all tokens have been liquidated in the past 24-hours, according to CoinGlass data.

Bitcoin-Gold Ratio Slides 57% From 2021 Peak, Trails Gold and Silver Returns

Gold advocate and economist Peter Schiff said Bitcoin’s value relative to gold has fallen sharply, arguing the cryptocurrency is underperforming traditional safe havens. Citing current prices, Schiff said one Bitcoin is now worth about 15.5 ounces of gold, down 57% from its 2021 peak and only around 10% above its 2017 high. Despite increased promotion of Bitcoin by Wall Street firms and the Trump administration, Schiff claimed most investors would have seen better returns by holding gold or silver instead.

Binance to Buy $1B in Bitcoin Using SAFU Fund, Sets 30-Day Conversion Plan

Binance said it will purchase $1 billion worth of Bitcoin by gradually converting its existing $1 billion stablecoin reserves held in the SAFU fund. In an announcement on January 30, the exchange said the conversion will be completed within 30 days. Binance added that if market volatility causes the value of its Bitcoin holdings to fall below $800 million, it will top up reserves to restore the total to $1 billion, underscoring its commitment to maintaining SAFU’s capital strength.

CFTC to Draft New Prediction Market Rules, Withdraws 2024 Ban Proposal

U.S. Commodity Futures Trading Commission Chair Michael Selig said the agency will move to develop new rules for prediction markets, according to Bloomberg. As part of the shift, the CFTC will formally withdraw its 2024 proposal that aimed to ban sports- and politics-related event contracts and rescind a 2025 staff advisory. Selig said the changes are intended to reduce regulatory uncertainty and establish clearer regulatory oversight for prediction markets.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday was $817.87 million. The total net asset value of Bitcoin spot ETFs is $107.65 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.40%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on January 29 was iShares Bitcoin Trust, with a net outflow of $317.81 million, according to SoSoValue.

Source: SoSoValue