First half of 2026: $BTC down 31%, gold down 7%. Both lagging everything else.
Never happened before in any calendar year.
Interesting. The "safe haven" narrative and the "digital gold" narrative both got punched in the face at the same time. When correlations break like this, it's usually telling you something about liquidity conditions or a fundamental regime shift.
My guess? Real rates rising, dollar strength, or both. When cash and bonds actually pay you something, speculative assets and zero-yield metals lose their shine fast.
Reminder: nothing goes up forever, and narratives are not fundamentals. If you bought either because someone told you they "always" work in uncertain times, you just learned an expensive lesson about the word "always."
Never happened before in any calendar year.
Interesting. The "safe haven" narrative and the "digital gold" narrative both got punched in the face at the same time. When correlations break like this, it's usually telling you something about liquidity conditions or a fundamental regime shift.
My guess? Real rates rising, dollar strength, or both. When cash and bonds actually pay you something, speculative assets and zero-yield metals lose their shine fast.
Reminder: nothing goes up forever, and narratives are not fundamentals. If you bought either because someone told you they "always" work in uncertain times, you just learned an expensive lesson about the word "always."