Bitcoin at $76,661 Trails Gold's 47% Gain Despite ETF Inflows

On 18 May 2026, Bitcoin trades near $76,661 as investors continue directing fresh capital into Bitcoin ETFs for a third straight month, favoring the crypto asset over gold as an inflation hedge. Yet U.S. CPI rose 3.8% year-over-year in April while Bitcoin posted a 24% decline over the past twelve months, sharply underperforming gold’s 47% advance and the S&P 500’s 28% return. Extreme price swings between $62,000 and $126,000 underscore Bitcoin’s volatility, prompting JPMorgan analysts to caution that macro risks make sole reliance on the cryptocurrency for purchasing-power protection unsupported by current evidence.