Gold will outperform Bitcoin in 2025, but ETF flows tell a different story.

2025 saw a clear divergence between two assets often considered "healthy currencies." While gold surged by approximately 65%, bitcoin fell by nearly 7%, despite both having simultaneously increased by approximately 30% by the end of August. Since then, the trend has reversed significantly. Gold continued its upward trend, while bitcoin entered a deep correction, falling by about 36% from its all-time high set in October and currently fluctuating around the $80,000 mark.

However, looking solely at price movements may not complete the picture. Cash flow data shows that throughout 2025, Bitcoin-backed ETPs continued to outperform gold ETPs in terms of capital inflows. According to Bitwise, this cash flow reflects the long-term confidence of institutional investors. Notably, despite the sharp correction in BTC price, the AUM of Bitcoin ETFs decreased by less than 4%, indicating that selling pressure did not come from the ETF sector.

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