The ratio #BTC /#or rebounds by 30%, rising from 12.75 to over 16 ounces per Bitcoin. At the same time, gold has lost 21% since its historic peak in January 2026 and has just officially entered a bear market.
In 1 month, Bitcoin regains 30% against gold while the metal enters a bear market
Throughout the year 2025, gold dominated the price of Bitcoin. Starting from $2,700 per ounce in December 2024, the metal had increased by over 100% to reach a historic peak of $5,600 in January 2026.
The rise of the yellow metal has essentially been driven by sustained demand from central banks, with 254 net tons purchased in the first 10 months of 2025, and gold ETFs attracting $77 billion in net flows over the year.
While the price of BTC consolidated around $100,000 and then fell after its ATH at $126,000, the BTC/gold ratio dropped from 40.77 ounces per Bitcoin in December 2024 to a low of 12.75 ounces in early March 2026, marking a decline of 69%.
Since the beginning of the American-Iranian conflict at the end of February, gold has lost more than 20% from its ATH, falling below $4,500 an ounce, erasing its early year surge and officially crossing the technical threshold of a bear market. Nevertheless, this decline against the dollar may only be a temporary correction; a loss of 1/5 of its price does not guarantee a continuation of the drop.
Morgan Stanley attempts to explain this decline; according to the bank, some states may sell their gold reserves to finance the additional costs related to the war, particularly those related to the surge in oil prices above $100 a barrel.
At the same time, Bitcoin held at $70,000 and rebounded by 5% at the beginning of this week, particularly due to Donald Trump's announcement of a 5-day pause on strikes against Iranian infrastructure, raising hopes for an improvement in the situation between the USA and the Iranian regime.
The BTC/gold ratio now exceeds 16 ounces per Bitcoin, representing a 30% rebound in one month. Some investors believe that because it has been declining for several months already, Bitcoin may have 'digested' the situation and could, in the event of a stabilization of the conflict, attract investors due to its recent resilience.
Is Bitcoin establishing itself as a store of value where gold is retreating?
The correlation between Bitcoin and gold fell to -0.9 in March according to CryptoQuant data, its lowest level since late 2022.
At that time, Bitcoin hit a low of $15,600 before entering a bull market of over 2 years, taking it beyond $100,000. The BTC/gold ratio, down 61% from its ATH in December 2024, is approaching the lowest levels observed: -86% in 2014, -83% in 2018, -76% in 2022.
In short, it is too early to assert that Bitcoin is finally mostly considered by the market as a store of value.
Although this recent rebound gives hope for an upcoming end to the bear market, gold remains, and will likely forever remain, the ultimate store of value, and BTC still has much to prove before it can seriously claim to compete.
