Throughout this cycle, many have talked about a rotation of capital from gold into Bitcoin.

Well, those people are still waiting…

📊 This chart illustrates periods where BTC outperforms or underperforms depending on gold’s trend.

It provides two signals :

🟢 Positive = BTC > 180DMA and Gold < 180DMA

🔴 Negative = BTC < 180DMA and Gold < 180DMA

Looking more closely, this relationship does not appear to be truly substantiated.

We can see that there have been almost as many positive periods as negative ones (a bit more green).

👉 This suggests that BTC continues to evolve independently, without clear evidence of a sustained capital rotation from gold.

⚠️ Moreover, just because the signal is positive does not necessarily mean that capital is rotating out of gold. It’s simply not possible to determine that with certainty.