Bitcoin News Today: Bitcoin Lags Behind Gold, Silver as Safe-Haven Appeal Shifts

Bitcoin's recent performance has diverged from that of traditional hard assets like gold and silver, raising questions about its role in the broader financial landscape. While precious metals surged in late 2025, Bitcoin struggled to maintain momentum despite favorable macroeconomic conditions. The disconnect has led analysts to question whether the "digital gold" narrative is losing relevance in a risk-averse market.

Investors have increasingly favored tangible assets as a hedge against geopolitical tensions and expectations of Federal Reserve rate cuts. Gold hit record highs in late December, reaching $4,524.30, while silver spiked to $72 an ounce, driven by a mix of industrial demand and safe-haven flows. Meanwhile, Bitcoin remained flat, trading at around $87,500 - a level that reflects its inability to fully capture the macro tailwinds that have lifted other asset classes.

This divergence is not just a matter of price movement; it reflects broader shifts in market sentiment. Bitcoin is increasingly being viewed as a high-beta risk asset rather than a traditional safe-haven store of value. In contrast, gold and silver are demonstrating the kind of reliable safe-haven behavior that markets seek during periods of uncertainty.

The hard asset regime that favored gold and silver in 2025 did not automatically extend to Bitcoin. While both metals and Bitcoin benefit from a weaker U.S. dollar and lower real interest rates, silver has additional structural support from industrial demand in sectors like solar energy and electronics. This dual utility - as both a financial asset and a physical commodity - gives silver a unique edge when markets are uncertain according to market analysis.

Bitcoin, on the other hand, relies entirely on financial demand. Its value is tied more closely to speculative flows and narrative momentum than to industrial fundamentals. This distinction explains why, even in a weak dollar environment, Bitcoin failed to outperform gold and silver. Institutional investors have been more inclined to allocate to gold and silver, particularly after Bitcoin's sharp drawdowns in 2025.

The situation is also complicated by the rise of Bitcoin treasury companies. These firms, including Marathon Digital and Strategy, have faced significant headwinds as the market consolidates. Their stock prices have fallen by 50–80% from 2025 highs, and their ability to raise capital has been constrained by concerns over debt costs and equity dilution. This has further weakened the perceived value of Bitcoin as a corporate asset in times of market stress.

How Markets Reacted

Bitcoin's underperformance has been particularly evident in the behavior of Bitcoin treasury stocks. Companies like Strategy, which previously enjoyed a premium valuation relative to the value of their Bitcoin holdings, now trade at a discount. The NAV premium for Strategy currently stands at -18.12%, meaning investors are not willing to pay a premium for its leveraged exposure to Bitcoin.

The broader market for Bitcoin-related equities has also weakened. Many public companies that hold Bitcoin in their treasuries have seen their stock prices fall alongside Bitcoin. This trend suggests that Bitcoin is being treated as a volatile risk asset rather than a stable store of value. The CryptoQuant report notes that share prices for these firms tend to gravitate toward their PIPE issuance levels in the absence of a strong Bitcoin rally.

The NFT market has also struggled to find a Santa rally in late 2025. Total market valuations for NFTs fell to $2.5 billion in December, down 72% from a peak in January. The decline is being driven by a sharp drop in market participation, with both buyers and sellers retreating. This has reinforced the idea that speculative demand, which once fueled the NFT boom, is no longer a major driver in the market.

What Analysts Are Watching

Despite Bitcoin's struggles, analysts remain cautiously optimistic about its long-term potential. The key to Bitcoin's resurgence lies in a sustained rally that could restore investor confidence and reinvigorate the broader crypto market. A stronger Bitcoin could help Bitcoin treasury companies regain their ability to raise capital and expand their holdings, potentially reversing the current discount on their valuations according to market analysis.

Another important factor is the broader macroeconomic environment. While the current setup is favorable for gold and silver - with lower real rates, a weaker dollar, and rising geopolitical tensions - it does not necessarily benefit Bitcoin in the same way. For Bitcoin to capture the safe-haven bid, it will need to demonstrate properties that make it a better hedge than traditional assets. This could include stronger regulatory clarity, institutional adoption, or a shift in market sentiment that values Bitcoin's censorship resistance and programmability according to analysts.

Regulatory developments in 2026 will also be closely watched. The U.S. has taken steps toward clearer regulatory frameworks, and further institutional adoption of Bitcoin could help reposition it as a legitimate alternative to traditional safe-haven assets. However, until then, Bitcoin remains a high-beta asset that is more sensitive to liquidity shifts and speculative flows than to macroeconomic fundamentals according to market analysis.

Bitcoin's current position in the market is a reminder that the "hard asset" narrative does not automatically include crypto. While metals like silver and gold are being valued for their industrial use and historical credibility, Bitcoin is still fighting for institutional legitimacy. Until it gains a stronger foothold in the safe-haven trade, it is likely to remain a volatile, high-risk asset with a more speculative profile.