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Gold surged above $4,420 per ounce on December 22, 2025, and drew fresh global safe-haven demand. Investors also tracked Bitcoin as macro risks lifted interest in portfolio hedges.
Bitcoin traded near $88,000 during gold’s breakout, reviving the Bitcoin vs. gold comparison. Several analysts warned that gold's strength does not ensure Bitcoin inflows.
CoinCodex data showed gold hitting a record near $4,486 after a strong 2025 run. Analysts linked the move to expectations for more US rate cuts next year. Gold started 2025 near $2,600 per ounce, according to BullionVault commentary. The metal’s gain reached about 72.5%, its biggest annual rise since 1979.
BullionVault research head Adrian Ash cited tariff uncertainty, geopolitics, and inflation concerns as key drivers. Central banks also kept adding physical gold to diversify reserves. Goldman Sachs forecast continued central bank purchases into 2026, which could support the gold price. Meanwhile, investors increased exposure to commodities as bond yields fell.
Market watchers also noted that commodities often gain attention during policy uncertainty. That backdrop kept gold in focus as a classic store of value.
Also Read: Bitcoin News Today: BTC Hashrate Drop Signals Potential Price Rebound, VanEck Finds
CryptoQuant analyst Darkfost said the gold-to-Bitcoin rotation story lacks consistent historical support. He used 180-day moving averages to compare trend strength across both assets.
His framework showed constructive signals when Bitcoin traded above its 180-day average while gold traded below. However, different cycles delivered different outcomes, and both assets sometimes rose together.
Another CryptoQuant update said Bitcoin underperformed major assets even as equities held near records. Gold traded about 25% above its 200-day average, and silver sat near 45% above it. Bitcoin remained about 30% below its peak, and the firm flagged shifts in correlation since mid-2025. Bitcoin’s link with gold turned negative in July, and its Nasdaq link diverged in August.
Flows also shaped near-term pricing. Spot Bitcoin ETFs saw a $5.1 billion drawdown from peak holdings. On-chain data also showed steady whale selling since October. CryptoQuant linked Bitcoin’s lag to sustained selling pressure. The note pointed to large holders and ETF outflows.
Sovereign headlines added more fuel, but no confirmation. Posts on X claimed Kazakhstan may sell part of its gold reserves. The reports said it could allocate up to $300 million to Bitcoin and crypto.
Sentiment metrics also leaned toward Bitcoin in long-horizon views. Gold advocate Peter Schiff shared a poll on a $100,000 choice through December 19, 2028. Bitcoin led with 62.4% of responses.
Traders now watch the US PCE inflation report for clues on Fed policy. Analysts said softer data could improve liquidity and lift Bitcoin's risk appetite.
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