BTC Hovers at $65K as Digital Gold Narrative Erodes; Analysts Cut Targets

Bitcoin hovered near $65,000 on Thursday, Feb 12, as strategists reassess the divergence from gold. Gold has risen 16% this year, extending its 2025 run of 65% gains, while Bitcoin is down about 22% YTD after four consecutive months of decline. Sean Farrell of Fundstrat said the disconnect in performance signals Bitcoin is less a store of value and more a high-beta growth asset, outpaced by central bank demand and macroeconomic tailwinds that favor gold. Deutsche Bank analyst Marion Laboure noted the divergence shows Bitcoin no longer plays the role of “digital gold.” Since Bitcoin began its decline in late 2025, institutional ETFs have seen数十亿美元 of outflows, intensifying bearish sentiment. Bitcoin is off about 45% from its October 2025 high and posted its largest single-day drop since November 2022 in early February, with Ethereum trading under $2,000 for the session, down about 30% YTD. Standard Chartered analysts Geoff Kendrick lowered targets: Ethereum to $4,000 from $7,500 and Bitcoin to $100,000 from $150,000, citing potential weakness to $50,000 before a rebound. He added ETF holders are likely to sell in anticipation of no further Fed easing until June when Kevin Warsh takes the helm.