Gold and Bitcoin Just Entered the Top 10

21 Oct 2026 · 1 min

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In this market commentary, Mark Moss highlights that both gold and Bitcoin—identified as hard‑scarce, "debasement trade" assets—have moved into the top‑10 rankings of market flows, with gold at #3 and Bitcoin at #7. He notes a combined $7 billion of ETF inflows into these assets over the past week, setting a record for a five‑day period. Moss argues that this surge reflects a shift in investor attention away from AI‑centric themes, which had previously dominated capital allocation toward IPOs and semiconductors, toward these traditional stores of value. While acknowledging that AI is not collapsing, he suggests its allure is waning, allowing gold and Bitcoin to reclaim prominence.

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gold and Bitcoin, both being hard scarce assets, being part of the what we call now the debasement trade, have now both entered the top 10. So we see gold here in number 3, and see, we see Bitcoin here in number 7. So those 2 hard scarce assets, the debasement trade assets, have both moved into the top 10. So the gold and Bitcoin ETFs have a combined $7 billion in flows in just the past week. $7 billion have moved into those debasement trades. It's a record for a 5-day period as the debasement trade steals spotlight from AI. Eventually, you know, AI sucked all the oxygen out of the room. Gold and Bitcoin have sort of languished. All the money went to AI, the IPOs, semiconductors, all of that. AI is going down in, in a lot of ways. It's not going down.