I noticed an interesting dynamic at the beginning of the year — the market capitalization of gold increased by about $6 trillion. For context, this is more than Nvidia's entire valuation in January. An interesting point: gold's market cap continues to grow despite traditionally being considered a crisis asset.

The reasons are clear. First, central banks are not stopping their gold purchases — we're talking about demand of over 800 tons. Second, retail ETFs are seeing capital inflows. Plus, geopolitical risks and trade wars — all of this pushes people toward safe assets. The spot price of gold remains around $5,500 per ounce.

And here's what's interesting — Bitcoin is not correlated with this. Since mid-2025, BTC has been on its own path, independent of gold movements. Currently, Bitcoin is trading around $81K, and this is a completely different story. Gold's market cap grows out of fear and safety, while crypto moves based on entirely different drivers.

In general, when looking at a portfolio, diversification between traditional safe assets and crypto becomes even more relevant. Both work, but based on different logic.