Lately, I’ve been reflecting on something that many people are underestimating: the increasingly pronounced divorce between Bitcoin and gold. A few years ago, everyone called it “digital gold,” but honestly, that meaning has been lost along the way. The numbers speak clearly—Bitcoin is down 19% year over year, while gold continues to rise. This isn’t a coincidence.

Up close, the problem with Bitcoin has been serious. Between the seizures and confiscations we’ve seen, the fundamental logic of cryptocurrencies—decentralization, privacy—has been called into question. And ETF su Bitcoin confirm this: $2 billion in outflows since the start of the year. That’s a significant outflow.

But here’s the interesting thing. Everyone expected that if Bitcoin crashed, it would pull gold down with it. Last year, the market was convinced of this: it thought that the growing complexity of capital flows related to gold would mean a loss of its safe-haven function. If Wall Street or Bitcoin fell, everything was supposed to collapse together, right? Wrong.

No. While Bitcoin saw outflows, ETF sull’oro continued to record net inflows. They weren’t dragged down. On the contrary, the meaning the market attributes to gold as a stable asset remains intact. And you know what struck me? Tether, the stablecoin giant, reached 143 tons of gold reserves by the end of 2025—more than South Korea’s gold. They keep buying 1–2 tons a week. Big players in crypto aren’t abandoning gold; they’re embracing it.

In my view, the point is this: Bitcoin and gold don’t live in the same world. The liquidity leaving Bitcoin isn’t the same as what goes into gold. These are different capital allocation flows, not correlated the way many people thought.

With the holidays coming, many ask me whether to hold crypto or stick with the traditional options. I say: keep your positions. Gold is solid, and on silver you put some protection. Happy holidays to everyone—talk to you again after.