Bitcoin’s Underperformance Fuels “Endgame” Fears Amid Gold’s Record Run
BeInCrypto
Gold hit a new record high while Bitcoin significantly underperformed, fueling analyst fears of a prolonged downturn for speculative assets.Summary
Gold surged to a new all-time high above $4,400 per ounce on December 22, leading a broad rally in precious metals, with silver and platinum also seeing significant gains. In stark contrast, Bitcoin (BTC) is trading nearly 30% below its peak and is down nearly 5% in 2025, while gold is up almost 68% over the same period. This underperformance has led analysts like Mike McGlone to suggest that the falling Bitcoin-to-gold ratio, near 20x support, signals a potential "endgame" for lofty risk assets, possibly anticipating deflationary pressures that would heavily burden stocks. Conversely, some analysts see Bitcoin as undervalued relative to potentially overbought gold, suggesting a short-term rebound could be imminent.
(Source：BeInCrypto)