Looking at the markets in these first months of 2026, there's one divergence that really jumps out: while Bitcoin is suffering (down nearly 19% year-over-year), gold continues to do its thing, stable and rising. Once, we all heard the phrase "Bitcoin is digital gold," but honestly, the market has understood that the two worlds operate with completely different logics.

Since the beginning of the year, Bitcoin ETFs have seen about $2 billion exit, while at the same time, gold ETFs have continued to attract positive flows. Here's the interesting part: last year, everyone was worried that if Bitcoin or Wall Street crashed, they would drag gold down too, jeopardizing its role as a safe haven. But no. Even with Bitcoin declining, gold maintains its strength and is unaffected by this liquidity exiting cryptocurrencies.

What's really happening? I believe it's a matter of strategic allocation flows. Bitcoin and gold truly belong to two different universes. And you can see this clearly in the behavior of major players: while many are exiting Bitcoin, some of the crypto giants are quietly building positions in gold. Tether, for example, reached a gold reserve of 143 tons by the end of 2025, surpassing South Korea's national gold reserves. This is not a random move: they continue to buy gold at a rate of 1-2 tons per week. This signal of a growing gold reserve by one of the leading crypto players says a lot about the trust they still place in gold as a store of value.

With the holidays approaching, many are wondering whether to stay in cryptocurrencies or stick with traditional assets. Personally, I find it better to maintain my positions: gold is stable, and for silver, I might hedge the risk with some options. After all, the lesson of these months is that not everything that rises and falls together remains correlated. Bitcoin and gold have shown they can go their separate ways, and a solid gold reserve remains a smart choice during uncertain times.

Wishing everyone happy holidays, and see you after!