Key Takeaways

Bitcoin is on track for a sixth consecutive month of underperformance against gold, a streak not seen since 2019–2020. The bitcoin-to-gold ratio, which measures how much gold is equivalent to one BTC, rebounded to around 16.3 after briefly dipping to 15.5, as gold and silver fell more sharply than bitcoin over the past 24 hours. A potential bottom in the ratio may not necessarily indicate bitcoin strength; it could instead reflect gold’s continued underperformance relative to bitcoin.
Bitcoin (BTC) appears set to finish January underperforming gold for the sixth straight month, as investors favor the traditional safe-haven appeal of gold over the cryptocurrency’s “digital gold” narrative amid economic and geopolitical uncertainty.
This month, the bitcoin-to-gold ratio has dropped 23%, currently standing at 16.3. The six-month pattern resembles the trend seen in 2019, when a similar decline began in August and ended the following January, after which bitcoin outperformed gold for five months.
Early signs of a reversal may be emerging. The ratio rose 4% on Friday following a drop to 15.5 on Thursday, a level coinciding with a sharp selloff in global markets and broad declines across risk assets.
Bitcoin is currently trading around $82,000, down just over 2% since midnight UTC. By contrast, gold has declined more than 8% and silver roughly 16%.
Since its peak in late 2024, the bitcoin-to-gold ratio has fallen roughly 60%, placing bitcoin in a technical bear market relative to gold for about 14 months. Even if the ratio has now bottomed, it does not automatically suggest a strong upside for bitcoin—it may simply indicate that gold continues to weaken faster than bitcoin.
About the Author
James Van Straten is a Senior Analyst at CoinDesk, focusing on Bitcoin and its relationship with macroeconomic trends. He previously worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, developing expertise in on-chain analytics and market flows to assess Bitcoin’s role in the broader financial system. James also advises Coinsilium, a publicly traded UK company, on their Bitcoin treasury strategy and holds investments in Bitcoin and Strategy (MSTR).#GateLiveMiningProgramPublicBeta #CryptoMarketPullback #GateLiveMiningProgramPublicBeta $BTC ‌$GT ‌$ETH ‌