Bitcoin trails polar opposites, Gold and Copper, as the 'fear and AI' trade lifts tangible assets

In 2025, traditional safe-haven gold surged 70% to a record high, and copper, a barometer of economic health linked to AI, gained 35%, making them the top two performers among major assets. Conversely, Bitcoin was down 6%, and the S&P 500 gained only 17%, indicating investors favored tangible assets over digital assets and traditional stocks. Experts suggest Bitcoin failed to capture the 'fear' trade (like gold, driven by fiscal and political concerns) or the 'AI' growth trade (like copper). Gold's performance is attributed partly to central bank buying, while Bitcoin's demand base remains skewed toward higher-risk investors. Despite Bitcoin's underperformance, some analysts believe its consolidation is building energy for a future rally, historically reacting with greater torque when the 'debasement trade' accelerates. The divergence, evidenced by the copper-to-gold ratio dropping to a two-decade low, suggests a fragile expansion where anxiety over systemic financial issues outweighs AI-led optimism.

(Source：CoinDesk)