Gold, silver shine in debasement trade as bitcoin is left behind

JPMorgan analysts previously suggested both gold and Bitcoin would benefit from the debasement trade, but only precious metals have delivered, with gold near record highs and silver hitting all-time highs since October. Bitcoin, conversely, is down 30% from its early October peak, struggling around $88,000. Analysts attribute Bitcoin's lag to its linkage with risky assets, heavy drawdowns in speculative tech stocks, and a significant technical downturn in the BTC-gold ratio, which is at its weakest level in nearly two years. Furthermore, sustained selling pressure from long-term holders and theoretical concerns about quantum computing risks are contributing to BTC's weakness. However, some analysts suggest this is a transitional phase, noting historical patterns where gold rallies often precede Bitcoin rallies by 100-150 days, implying BTC may take the lead once the silver and gold rally cools.

(Source：CoinDesk)