According to Polymarket bettors, gold currently has a 74% chance of winning the race to $5,000.
Gold is currently trading at around $4,480, meaning that it is just 10% away from the target. Meanwhile, ETH is changing hands below $3,000.
Gold's incredible year
Gold has had one of its best years in modern history, rising roughly 60-65% in 2025 alone. This "historic upswing" is driven by a perfect storm of four main factors.
Investors are increasingly worried about rising U.S. government debt and fiscal sustainability. They are buying gold as insurance against the "debasement".
Central banks, particularly in China and emerging markets, are buying gold at a record pace to diversify their reserves away from the U.S. dollar.
Gold's status as a "safe haven" asset has attracted massive capital due to trade tensions as well as conflicts.
BitMine-driven hype fizzles out
Earlier this year, BitMine aggressively pivoted to become an Ethereum Treasury company. Backed by Fundstrat’s Tom Lee, BitMine accumulated over 4 million ETH (roughly 3.3% of the total supply) by late 2025.
In Q3 2025, BitMine’s aggressive buying spree drove Ethereum prices higher. Investors bought BitMine stock (BMNR) as a leveraged bet on ETH.
The premium on DAT stocks evaporated. BitMine and others began trading at a discount to their Net Asset Value (NAV). Once the stock traded lower than the ETH it held.
During this exact window (July 2025), spot Ethereum ETFs saw a massive 13-day streak of inflows. These products secured $4 billion in new capital in virtually no time. Institutional investors used the ETFs to "front-run" BitMine's buying pressure.
This uber-bullish combination allowed Ethereum to appear within striking distance of the $5,000 psychological barrier.
However, this momentum quickly stalled, and Ethereum bulls have lost their momentum.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team