The Bitcoin-to-gold ratio fell 50% in 2025: Here’s why
In 2025, the Bitcoin-to-gold ratio fell by 50%, declining from 40 to 20 ounces of gold per BTC. This shift was driven by gold's strong performance amid a unique macroeconomic environment, rather than a collapse in Bitcoin demand. Gold surged 63% YTD, surpassing $4,000/oz, fueled by central bank purchases of 254 tonnes and record ETF inflows of 397 tonnes in H1, despite high real yields and restrictive monetary policy. Meanwhile, Bitcoin faced headwinds as spot ETF assets dropped from $152B to $112B in H2, and long-term holders sold over 500,000 BTC. Gold’s role as a safe-haven asset dominated, while Bitcoin’s higher correlation with equities and opportunity costs contributed to its relative underperformance.
cointelegraph12/16 18:47