Throughout this cycle, many have talked about a rotation of capital from gold to Bitcoin.
Well, those people are still waiting…
📊 This chart illustrates periods when BTC outperforms or falls below the performance of gold, depending on the trend.
It provides two signals:
🟢 Positive = BTC > 180-day Moving Average and Gold < 180-day Moving Average
🔴 Negative = BTC < 180-day Moving Average and Gold < 180-day Moving Average
Looking more closely, this relationship does not seem to be really proven.
We can see that there have been almost as many positive periods as negative ones (a little more green).
👉 This suggests that BTC continues to evolve independently, with no clear evidence of a sustained rotation of capital from gold.
⚠️ Furthermore, the fact that the signal is positive does not necessarily mean that capital is leaving gold. It simply cannot be determined with certainty.
