Mark Cuban sold most of his Bitcoin position this week, saying it failed as a hedge during fiat weakness and geopolitical stress. He called the asset 'not the hedge I expected it to be' as spot gold trades near record highs.
Gold's record run
Gold hit $5,594.82 in January while silver touched $121.64, driven by inflation fears and dollar weakness. World Gold Council data shows Q1 demand jumped 74% year over year to $193 billion. Central banks bought 244 tonnes net, and coin demand rose 42% to 474 tonnes.
Bitcoin's liquidity problem
Bitcoin traded around $77,663 this month, roughly 38% below its October 2025 high. The asset now acts as a high-beta liquidity play that follows Nasdaq moves during market swings. Cuban confirmed he's moving more money into Ethereum, though his hedge critique targets Bitcoin specifically.
Where the floor holds
Glassnode's May 20 report notes spot demand weakened and ETF accumulation slowed. The firm places Bitcoin's Realized Price near $54,900 as a structural support level. Long-term holders now hold 16.3 million BTC, adding 200,000 in the past month. Citi's March forecast sees a 12-month base target at $112,000 with a recessionary downside of $58,000.
