An interesting week in the markets — Bitcoin finally gains ground against gold after losing for six straight weeks. This has been going on for two weeks already, with BTC up more than 4% versus the metal just this week. The curious part is that the two fall together in dollars, but in relative terms, history tells a different story.

Bitcoin dropped from 76,000 to nearly 70,000 (, a decline of about 8.7% ), and gold also took a similar tumble, losing 8.5% and falling to something like $4,616 per ounce. Now, gold has two weeks of losses and is heading into a third — the worst streak since November. This has reignited an old debate: when gold falls, does money move into crypto or not?

Some people say no. Benjamin Cowen, from Into The Cryptoverse, is one of them. He doesn’t believe in this rotation since January, when gold was still breaking records and many expected a capital flow. According to him, this never really happened — just like the expected “altcoin season” that traders predicted when Bitcoin was rising in previous cycles. The rotation never materialized.

But looking at the Bollinger band of the BTC/Gold ratio, things get more interesting. Even with both assets in correction, Bitcoin has been regaining ground against gold. It bottomed out around 12 ounces of gold per BTC at the beginning of the month, and now it’s already around 15 ounces. It’s still far from the upper band at 26, but the direction has changed. Not everyone agrees that there is no rotation — some argue that metals and crypto attract different investors, and a drop in one naturally redirects capital to the other. So far, the numbers don’t confirm this, but Bitcoin’s relative strength against gold is worth paying attention to.