This Week in Bitcoin 78: The Great Rotation
Oct 22, 2025
Ed Yardenny, a macro analyst and founder of Yardenny Research, joins to discuss the evolving financial landscape for Bitcoin. He highlights the significant shift as Bitcoin moves toward mainstream financial systems, particularly with the rise of ETFs. Yardenny shares insights on gold's volatility and its performance against Bitcoin over five years. The conversation also touches on rare earth minerals' geopolitical impacts and how institutional money is reshaping the Bitcoin market amid declining influence from Binance.
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Gold's Recent Surge And Sudden Drop
- Gold had a dramatic short-term spike and then an 8% one-day drop, showing big volatility even for traditional safe-haven assets.
- Comparing timeframes reveals gold can be volatile and isn't inherently more stable than other stores of value.
Bitcoin Versus Gold Measured In Energy
- Over five years Bitcoin outperformed gold massively when priced in scarce goods like crude oil.
- Bitcoin rose ~1136% in USD and about 731% relative to oil, while gold lagged on oil terms.
Evaluate ETF Wrapper Trade-Offs
- Consider why holders convert Bitcoin into ETF shares: easier estate planning, borrowing, and using brokerage services.
- Use this understanding to evaluate custody trade-offs between self-custody and regulated institutional wrappers.