While Bitcoin and the broader crypto market have shown weakness since mid-October, gold and silver were repeatedly hitting new record highs. In 2025, retail investor interest in precious metals reached one of its highest levels in recent years. However, recent weeks have raised doubts about the sustainability of this rally. Over the past month, Bitcoin gained around 1%, while gold and silver corrected by 15% and 24%, respectively, marking a painful pullback for investors.
According to Bloomberg ETF analyst Katie Greifeld, gold’s ten-day losing streak became the longest since February 1920, setting a 106-year record. This suggests the move may represent more than just a short-term correction, potentially signaling a broader reassessment of gold’s role in the market.
At a local low near $4,100, gold declined nearly 21% from its all-time high. The price later recovered partially to $4,440 per ounce, but gold ETFs such as SPDR Gold Trust and iShares Gold Trust had already recorded billions of dollars in outflows.
Tether Bets on Gold
Despite the recent decline, USDT issuer Tether announced the launch of its gold-backed token XAUT on the BNB Chain, expanding access to one of the largest tokenized gold products. XAUT currently has a market capitalization of around $5.3 billion, accounting for roughly half of the tokenized gold market.
Tether CEO Paolo Ardoino noted that gold continues to earn investor trust due to its long-standing role as a store of value. According to him, XAUT does not change the nature of gold but makes it more accessible within the modern financial system.
Today, Tether is already among the world’s largest private gold holders. In addition to roughly 96,000 Bitcoin, the company holds an estimated 140 tons of gold. Further purchases by Tether — which already surpasses many central banks — could help support gold prices in the medium and long term.
Gold is facing its longest losing streak in more than a century, raising questions about its role as a safe-haven asset. However, growing institutional interest and Tether’s expansion into tokenized gold could provide medium-term support. Much will now depend on macroeconomic conditions and investor risk sentiment.
