Fidelity says Bitcoin at 'very bottom' with gold as BTC holds $62,000

Fidelity Investments' Director of Global Macro, Jurrien Timmer, placed Bitcoin alongside gold at the bottom of the firm's updated "Periodic Table of Investment Returns," a signal from one of the largest asset managers that the largest cryptocurrency may be nearing a cyclical low.

"Bitcoin and gold are both at the very bottom of the table right now," Timmer said in a post accompanying the chart published Wednesday. The periodic table ranks asset classes by annual total return, and the 2026 edition shows Bitcoin trailing most traditional assets through the first half of the year.

Bitcoin traded at $62,200 as of 14:30 UTC, down 2.8% over the past 24 hours, after President Donald Trump declared the Iran ceasefire "over" and the U.S. struck Iranian positions overnight, CoinGecko data shows. WTI crude oil jumped 5% to above $74 a barrel, while Nasdaq futures fell 1.3% before recovering to flat.

The Fidelity call comes as U.S. spot Bitcoin ETFs posted $21.44 million in net inflows on July 7, a third straight day of inflows after eight consecutive weeks of net outflows, per SoSoValue data. BlackRock's IBIT drove the day with $54.80 million, offsetting outflows from Fidelity's FBTC and ARKB. Total Bitcoin ETF assets stood at $77.26 billion, up from a June 30 low of $70.95 billion.

Consumer inflation expectations climbed to 3.7% over the next year, the highest since September 2023, according to a Federal Reserve Bank of New York survey released Tuesday. Rising inflation expectations historically support store-of-value assets like gold and Bitcoin, though the immediate macro picture remains clouded by geopolitical risk and a hawkish Fed. The FOMC minutes released Wednesday showed a few participants saw a case for hiking rates at the June meeting, though the committee ultimately held policy steady.

The Coinbase Premium has been negative for 50 straight days, meaning Bitcoin has traded cheaper on the largest U.S. exchange than on offshore venues for nearly two months, a sign of weak domestic demand behind July's price action. Meanwhile, hedge funds have turned the most bearish on the yen since 2007, boosting bets on further losses to nearly 138,000 contracts as of June 30, CFTC data shows — a dynamic that has pushed Japanese firms toward Bitcoin and XRP as treasury alternatives, according to SBI VC Trade.

Bitcoin's next support sits at $61,800, the session low hit after Trump's Iran comments, with resistance at $63,800, the level where ETF inflows accelerated earlier this week. The July 16 inflation print and the Fed's late-July meeting are the next macro catalysts that will test whether Timmer's bottom call holds.

This article is for informational purposes only and does not constitute investment advice.