Capital Rotation: Gold First, Bitcoin Next
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### **Slide 1 — Cover**
**Institutional Money Didn’t Leave.
It Rotated.**
BTC vs Gold tells the real story.
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### **Slide 2 — The Divergence**
While **Bitcoin** consolidated below **$100K**,
**Gold surged +61%** — its strongest annual move since the late 1970s.
BTC: ~**-11%** over the same period.
This wasn’t random.
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### **Slide 3 — What It Really Means**
This is not a rejection of Bitcoin.
It’s **institutional risk management**.
When uncertainty rises, capital moves defensively first.
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### **Slide 4 — The Macro Backdrop**
• Cautious Federal Reserve
• Sticky inflation
• Elevated geopolitical risk
Institutions chose the **cleanest hedge** available.
Gold did its job.
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### **Slide 5 — On-Chain Confirmation**
Tokenized gold inflows are concentrated in:
• **$PAXG**
• **$XAUT**
These now dominate the tokenized commodity market.
That’s where capital waited.
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### **Slide 6 — Tactical, Not Structural**
This move isn’t permanent.
Institutions didn’t exit Bitcoin —
they rotated **ahead of clarity**.
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### **Slide 7 — How Capital Thinks**
Gold = capital preservation
Bitcoin = asymmetric upside
Money hides in gold.
It moves to Bitcoin when confidence returns.
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### **Slide 8 — The Setup**
This BTC–gold divergence looks less like a cycle top
and more like **positioning before rotation**.
The shift hasn’t happened yet.
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### **Slide 9 — Takeaway**
Institutions didn’t disappear.
They’re waiting.
And historically, when the risk-off bid fades,
**Bitcoin is where capital goes next.**
