Gold Surges 15% Year-to-Date, Bitcoin Lags 10%

Gold has surged to a new all-time high, surpassing $3,025 per ounce, marking an increase of over 15% since the beginning of the year. Meanwhile, Bitcoin (BTC) has lagged behind, down 10% year-to-date. Several factors have contributed to gold’s rally, including significant inflows into gold ETFs and its traditional role as a safe-haven asset during geopolitical uncertainty. Additionally, discussions of new tariffs in the U.S. have further fueled demand for U.S. equities. Gold’s historic rally has driven its price up 40% year-over-year, far outpacing Bitcoin's 16% gain.

Historically, when gold enters a bull market, Bitcoin often stagnates or declines. The two assets rarely move in tandem, though there are occasional periods when both rise or fall simultaneously. Between 2019 and Q3 2020, gold experienced a strong rally while Bitcoin remained largely flat, coinciding with the COVID-19 pandemic. In contrast, Bitcoin saw its bull run in 2021 while gold stagnated. By 2022, as global interest rates began to rise, both assets faced pressure before rebounding in 2023 and 2024. Now, in 2025, the market is witnessing a renewed divergence between the two.

ByteTree founder Charlie Morris has described this gold rally as a "proper gold rush"—something the market hasn’t seen since 2011. "Gold above $3,000, silver above $24, and gold stocks gaining momentum—it struck me that the crypto crowd has never witnessed a true gold rush. The last time this happened was in 2011, when Bitcoin was just emerging at $20. They will now."

This pattern suggests that investors are turning to gold as a safe haven during times of uncertainty, while Bitcoin, despite its volatility, is not yet seen as a reliable store of value in the same way. The divergence between gold and Bitcoin highlights the different roles these assets play in the market, with gold serving as a traditional safe haven and Bitcoin as a more speculative investment. As the market continues to evolve, it will be interesting to see how these dynamics play out and whether Bitcoin can eventually establish itself as a more stable store of value.