Something interesting is happening in the market that few are really noticing. After six weeks losing to gold, Bitcoin has finally turned the tide and has been rising for two consecutive weeks against the precious metal. Just this week, BTC increased by more than 4% in a direct comparison.

The curious thing is that both are falling at the same time. Bitcoin retreated about 8.7%, dropping from $76,000 and falling below $70,000. Gold didn't do much better, losing 8.5% in the same period and dropping to around $4,616 per ounce. This has reignited a debate that occasionally appears in crypto communities: when gold falls, does money migrate to Bitcoin?

Benjamin Cowen, who runs Into The Cryptoverse, has a very clear answer: no. He has held this view since at least the end of January, when gold was still rising and everyone was expecting this so-called rotation. At the time, he didn't believe it, and he still doesn't believe it now.

His argument is based on something that has already happened within the crypto market itself. When Bitcoin rose in previous cycles, many traders expected capital to flow out of BTC into smaller altcoins — what they call altcoin season. According to Cowen, this rotation never happened in a significant way. He sees the gold-to-Bitcoin story following exactly the same pattern.

Not everyone agrees. Some argue that precious metals and cryptocurrencies serve different investor profiles, so a correction in one should naturally redirect capital to the other. But so far, the data from this cycle does not confirm that.

What’s interesting is to look at the BTC/gold ratio. While both are falling in dollars, Bitcoin has been regaining ground against gold after touching a low near 12 ounces of gold per BTC at the beginning of the month. Since then, it has risen to about 15 ounces. It’s still well below the middle band on the Bollinger bands at 18 and far from the upper band at 26, but the direction has changed. It’s a small move but one that shifts the narrative after weeks of pressure.