Highly speculative capital, known in the markets as fast money, is abandoning cryptocurrencies and precious metals at an accelerated pace to rotate into the semiconductor technology sector. This was confirmed by Jurrien Timmer, Director of Global Macro at Fidelity Investments, who detailed that this massive migration of funds is severely affecting the prices of the main alternative reserve assets.
I suspect that gold’s correlated behavior will be temporary as gold has fallen out of favor after it went vertical last year. The fast money used to be in Bitcoin, and then it left for gold, and now it’s chasing semiconductors. The chart below shows how gold’s real rate model… pic.twitter.com/fQPust0n5H
— Jurrien Timmer (@TimmerFidelity) July 2, 2026
This movement responds to a structural change where gold and Bitcoin have come to act as direct reflections of global liquidity (M2) instead of being governed by real interest rates. The slowdown in global money supply growth from 12% to 7% triggered the plunge of the yellow metal from its all-time high, dragging the crypto ecosystem down with it. In addition, the Federal Reserve’s firm stance strengthens the U.S. Dollar Index (DXY), complicating the outlook for risk assets.
The next key step for investors will be to monitor Bitcoin’s ability to hold the critical support level of $60,000. As monetary tightening conditions consolidate, the market will determine whether the current technical correction represents a temporary overreaction or the beginning of a prolonged bearish cycle in the face of the boom in artificial intelligence and tech hardware.
Source: https://x.com/TimmerFidelity/status/2072717938189033632
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