"Since October 2025, gold has climbed roughly a third, while BTC has fallen nearly 50% from its peak above $126,000. The downturn marks four consecutive months of declines - a stretch not seen since before the pandemic. Gold rose more than 60% in 2025, driven by central bank buying and renewed safe-haven demand, while BTC struggled to maintain momentum and underperformed many risk assets."
"The bank highlighted that Bitcoin's volatility relative to gold has fallen to a record low, with the bitcoin-to-gold volatility ratio drifting toward 1.5. Panigirtzoglou suggested that, on a volatility-adjusted basis, Bitcoin's market capitalization would need to rise dramatically - theoretically implying a price near $266,000 - to match private sector investment levels in gold. While he acknowledged such targets are unrealistic in the near term, the comparison underscores what JPMorgan views as significant upside potential over the long run once negative sentiment fades."
Bitcoin's risk-adjusted profile versus gold has improved after gold outperformed and experienced higher volatility. Since October 2025, gold climbed roughly a third while Bitcoin fell nearly 50% from its peak above $126,000. Bitcoin's decline represents four consecutive months of losses not seen since before the pandemic. Gold's 2025 rally exceeded 60%, driven by central bank buying and renewed safe-haven demand. The bitcoin-to-gold volatility ratio has dropped toward 1.5, narrowing the perceived risk gap and implying substantial theoretical upside for Bitcoin on a volatility-adjusted market-cap basis. Bitcoin also experienced a sharp intraday crash to $65,000.
Read at Bitcoin Magazine
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