Bitcoin's price weakness against gold has intensified, with the BTC-to-gold ratio falling about 55% from its December 2024 peak to approximately 18.46. Gold has outperformed Bitcoin year-to-date and also over the past five years, gaining 12% this year and 160% over five years compared to Bitcoin's 150%. Historical ratios suggest further downside risk for Bitcoin relative to gold, indicating that the current downturn might not have bottomed out yet.