- The Beluga Brief
- Posts
- 🐳 Weekly Edition: Gold, Silver Have a Monster Retrace, are they Rotating to BTC?
🐳 Weekly Edition: Gold, Silver Have a Monster Retrace, are they Rotating to BTC?
The markets are shaking under the weight of international conflicts, monetary policy, politics, and more... meanwhile the AI agents are starting their own community on social media?
Beluga & Will McKinnon
January 30, 2026
Precious metals have dominated the conversation this year, but their wild momentum flipped the other direction today with Silver falling 35% from its peak to $74 during morning trading action. Gold was hurt similarly as it lost over $3T in market cap since reaching $5,600 on Thursday, a move larger than the aggregated market cap of the entire crypto industry — the sheer magnitude of these other asset classes is astounding.
Broader market weakness especially in tech leaders like Microsoft rippled into the top crypto coins, with Bitcoin falling to its lowest point since November. BTC sits right at the estimated breakeven price of ETF buyers, which happens to be the same area it accumulated at after the highs of January 2025. For bulls like myself, this could mark a potential reversal area… at the end of the day Bitcoin holding the $81k line amidst a market meltdown is a great indicator.
One interesting story that is still developing is the proliferation of moltbook, a “social media for AI agents” that allows agents to connect with each other in a forum-style setting. Only a few days old, moltbook has attracted tens of thousands of agents to its platform created by thousands of individual users. These agents are actively discussing everything from technical projects, to philosophy, to why they should even be discussing things in english in the first place. The rapid progression of its artificial community has been crazy to watch and I look forward to seeing how it evolves.
For next week, we’re keeping an eye on a few things: the House votes on Monday to (presumably) end the government shutdown, Trump-picked Kevin Warsh looks to be confirmed to replace Fed Chair Jerome Powell, the performance of precious metals, and of course whether or not the exodus of them this week translates to a rotation into their digital asset equivalent Bitcoin. We’ll also look for ETF flows to return, as losing our weekly billions in buying pressure has certainly had an adverse effect on price action.
Check out our latest articles below!