Central banks have been the marginal buyers - Poland, China, India, and other EMs have led gold inflows as they diversify away from the dollar. Tether has also driven significant demand, matching sovereign-level buying.
This flow is currently absent from BTC, explaining the divergence and historically weak relationship between the two assets. Correlations are notoriously fragile, but 2025 has undeniably stress-tested the "digital gold" narrative and until 10/10, we traded more in line with risk assets.
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2025 debasement trade scorecard:
Gold +67%
Silver +131%
DXY -10%
BTC -5%
Central banks have been the marginal buyers - Poland, China, India, and other EMs have led gold inflows as they diversify away from the dollar. Tether has also driven significant demand, matching sovereign-level buying.
This flow is currently absent from BTC, explaining the divergence and historically weak relationship between the two assets. Correlations are notoriously fragile, but 2025 has undeniably stress-tested the "digital gold" narrative and until 10/10, we traded more in line with risk assets.