The copper-to-gold ratio is widely regarded as a broad economic indicator of economic momentum and investors' risk appetite. Historical data shows this ratio is strongly correlated with Bitcoin (BTC), according to Super Bitcoin Brothers.

Copper is closely tied to industrial demand and typically performs well during periods of economic expansion. In contrast, gold is inherently defensive and usually outperforms during periods of increasing uncertainty and slow growth.

An increasing ratio between the two indicates a risk-averse environment, while a decreasing ratio suggests a risk-seeking environment.

Major peaks in the ratio observed in 2013, 2017, and 2021 coincided with cyclical peaks in Bitcoin prices. These periods reflected strong global growth expectations and increased speculative risk appetite across assets.

In the meantime, copper prices broke above $6 per pound, reaching an all-time high, while gold prices approached $4,455 per ounce, also nearing record levels. Over the past three months, copper prices have risen 18%, and gold prices have increased 14%.

If the strength in copper prices reflects improving growth expectations rather than merely supply constraints, the resulting risk signal could support a rise in Bitcoin in 2026.