Bitcoin’s ‘Uptober’ Rally Questioned as Gold Surges to $30 Trillion Asset Status

Key Points

• Gold has surpassed Bitcoin as a reserve asset, reaching over $4,350 and a $30 trillion valuation.
• Bitcoin’s price has dropped, slipping below $108,000, leading to a significant crypto market liquidation.

Gold, the yellow metal, has outperformed Bitcoin as a reserve asset class. It has reached new highs above $4,350 levels and has become the first global asset to surpass a $30 trillion valuation.

Meanwhile, the price of Bitcoin has fallen by 3% today, dropping below $108,000, which has resulted in a significant crypto market liquidation.

Gold’s Superiority Over Bitcoin

Amid macro uncertainty in the global market and diminishing trust in fiat currencies, gold has ruled the “reserve assets” market, outperforming every other asset class. Currently, the demand for the yellow metal is at an all-time high, with it trading at $4,358 per ounce.

With these gains, gold has seen a 60% rise in 2025. Now valued at $30 trillion, it surpasses the second-largest asset, Nvidia, by a staggering $25 trillion.

Gold has added over $11 trillion in value this year alone, further solidifying its position as a safe-haven asset amidst global economic uncertainty. This rally has even prompted crypto whales to purchase tokenized gold.

The ongoing U.S.-China tariff war has resulted in increased Bitcoin selling pressure, further widening the gap between Bitcoin and gold. At present, it is clear that gold is winning the hedge asset narrative.

Is Bitcoin’s “Uptober” Rally Over?

Bitcoin and the broader crypto market began October 2025 strong. However, 100% tariffs imposed by Trump on China have dashed this optimism, driving Bitcoin and other cryptocurrencies lower.

Negotiations between the world’s two largest economies continue as the November 1 deadline approaches. Bitcoin’s price is already trading under $108,000 due to increased selling pressure today.

According to on-chain analytics firm Ecoinometrics, the renewed U.S.-China trade tensions are once again affecting Bitcoin’s performance. Earlier this year, a similar escalation led to a 30% correction, with prices taking nearly three months to find a bottom.

This time, Bitcoin has fallen by 13% so far. A 30% correction from the top might push Bitcoin down to $90,000. However, Cryptos Rus, a crypto analyst, still believes in the possibility of an “Uptober” rally.

He pointed out that Bitcoin’s best performance in October often happens during the latter half of the month. This suggests that the current rally could still have room to run.

On-chain data shows a decline in exchange reserves along with a rise in stablecoin liquidity. Historical data indicates that this exact combination has preceded late-month surges in Bitcoin prices.