2025 has witnessed a power shift in safe-haven assets. The data is in front of us—Bitcoin's relative strength against gold plummeted by 50% this year, while traditional precious metals completed a remarkable comeback.

Why is gold so strong? Simply put, it is driven by sovereign-level demand. Central banks around the world set new purchase records, and how strong is this demand wave? Coupled with continuous net inflows into ETFs, it forms a complete upward momentum chain. Institutions and major financial entities are increasing their allocations, making gold look collectively favored.

On the other hand, Bitcoin appears somewhat冷. Institutional investors are withdrawing—there's a noticeable outflow of funds from spot ETFs. Even more painfully, long-term holders deeply involved in BTC are starting to reduce their positions, with significant selling pressure. These two forces combined have clearly slowed Bitcoin's upward momentum.

In the short term, the market trusts the more稳妥的 logic of gold—central bank backing, historical store of value, ample liquidity. In comparison, Bitcoin's high volatility currently seems a bit awkward. Will this rotation continue? It depends on subsequent institutional movements and central bank attitudes. For traders, this comparison is worth pondering.