Bitcoin is lagging while metals soar, but this rare divergence preceded every major crypto breakout since 2019

Gold and copper are rising despite the Fed's cautious stance, signaling that markets are pricing in future liquidity easing based on declining real yields. Historically, metals react first to these shifts, with gold responding to defensive capital flows and copper reflecting improving economic activity expectations. Bitcoin tends to lag this trend, only rallying significantly after the liquidity signal from falling real yields becomes undeniable and capital rotates into riskier assets. This pattern repeated in 2019 and 2020. Currently, the divergence exists because metals are repricing easing conditions while Bitcoin remains range-bound. The setup is contingent on real yields continuing to ease; if real yields reverse higher or inflation forces policy delays, this bullish expectation for Bitcoin would be invalidated.

(Source：CryptoSlate)