From "Digital Gold" to "Risk Assets" BTC enters a deep weakness phase relative to gold

Recently, Bitcoin's performance relative to gold has evolved from a phase of correction to a structural weakness. Looking at the BTC/Gold ratio, it has continuously broken below key moving average supports, with rebound heights significantly limited, indicating that capital is re-evaluating the asset attributes of both. In the context of sustained high interest rates and tightening global liquidity, gold's "risk resistance + inflation hedge" properties are being re-priced, while Bitcoin is more often regarded as a high-volatility risk asset.
In terms of capital flow, gold ETFs have continued to see net inflows, while Bitcoin spot ETFs have shown a phase of cooling, indicating that institutions prefer to choose more certain assets during risk-avoidance cycles. The previous narrative of Bitcoin as "Digital Gold" fundamentally relied on loose monetary environments and increased risk appetite. Once macro conditions shift to a defensive phase, this logic will weaken significantly.
On the technical level, Bitcoin has formed a standard weak structure of "lower lows and lower highs" relative to gold, with any rebounds more resembling a reduction in positions rather than a trend reversal signal. In the current environment, rather than expecting BTC to outperform gold again, it is better to accept the reality: during risk-avoidance cycles, gold remains the main trend, and Bitcoin is temporarily in a defensive position. #比特币相对黄金进入深度弱势