The #bitcoin continues to underperform compared to gold, weakening the long-standing narrative of bitcoin as "digital gold." While gold has surged to record highs near $4,900 per ounce and is up about 12% year-to-date, bitcoin is only slightly positive for the year and remains below $89,000.

The difference is even more pronounced over longer time frames. Over one-year and five-year periods, gold has delivered stronger returns than bitcoin. In the last five years, bitcoin has gained about 150%, compared to approximately 160% for gold.

The BTC-gold ratio is currently close to 18.46, well below its 200-week moving average of around 21.90, signaling ongoing long-term weakness. Historically, similar breaks have lasted long periods. If past cycles repeat, the ratio may remain under pressure until the end of 2026.

Since the peak in December 2024, bitcoin has lost about 55% of its value relative to gold, although previous bear markets have seen even deeper relative declines.

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