The Bitcoin-to-gold ratio fell 50% in 2025: Here’s why
The Bitcoin-to-gold ratio, which highlights the ounces of gold required to purchase one BTC, has retraced to 20 ounces per BTC, down roughly 50% from around 40 ounces in December 2024. Rather than a collapse in Bitcoin (
$BTC ) demand, this sharp shift reflected the unique macroeconomic regime of 2025, where gold’s asset performance dominated that of the crypto asset.
Why gold (
$XAUT ) dominated the store-of-value bid in 2025
Gold led the global store-of-value bid in 2025, delivering a year-to-date (YTD) gain of 63% and breaking above $4,