Full Signal Gold is CRASHING but bitcoin is up! | Sam Callahan
Mar 26, 2026
Sam Callahan, director of research and strategy at OranjeBTC, studies Bitcoin, treasury playbooks, and macro dynamics. He breaks down Bitcoin's rally amid geopolitical turmoil. He contrasts why gold dipped while Bitcoin climbed. He outlines central bank pressures, debt risks, and how treasury firms manage Bitcoin exposure and generate revenue.
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Bitcoin Outperforms After Initial Panic
- Bitcoin has outperformed gold and silver during recent geopolitical turmoil as investors rotate after initial panic sells.
- Sam Callahan cites BTC's decentralization, censorship resistance, and 24/7 trading as reasons it finds support after corrections and attracts diversification flows.
Central Bank Sales Pressure Gold
- Gold's big run in late 2023 may have been driven by central bank buying, especially in the Middle East, which can reverse when those banks sell to raise cash.
- Sam links recent gold weakness to reserve managers selling gold and treasuries to fund imports like oil amid regional shocks.
Fed Dilemma Raises Odds Of QE Support
- The Fed faces a dilemma: tightening to fight commodity-driven inflation risks worsening deficits and causing equity declines, which could force liquidity injections later.
- Sam warns that this dynamic raises the chance of eventual QE or yield-curve support, conditions historically favorable for Bitcoin.