Bitcoin’s ‘Split Personality’ on Display as Gold Hits Record High

     

Analyst says BTC’s divergence from gold highlights shifting perceptions of digital assets

Gold surged to a record high of $3,485 per ounce on Monday following US President Donald Trump’s claims of “no inflation,” while Bitcoin fell to a two-month low of $107,290, breaking their usual correlation.

IG Markets analyst Tony Sycamore said the move reflects Bitcoin’s “split personality,” noting that the asset sometimes trades like a safe-haven store of value and at other times like a high-risk asset. The divergence comes after more than two years of strong correlation between gold, Bitcoin, and the Nasdaq.

Bitcoin-gold correlation questioned

Vince Yang, co-founder of zkLink, argued that Bitcoin and gold have increasingly decoupled in 2025, with correlations even turning negative at times. He emphasized that gold remains the classic safe-haven play, while Bitcoin is more sensitive to liquidity and market risk.

Sycamore, however, suggested the relationship may realign if the Fed cuts rates into persistent inflation under Trump’s economic policies, eventually sending both assets higher.

Bitcoin could just be lagging gold

Historical trends show Bitcoin often rallies within 150 days of gold reaching new all-time highs. In 2020, gold’s surge above $2,000 was followed by Bitcoin hitting fresh records the following year.

Joe Consorti, head of growth at Theya, previously noted that Bitcoin typically trails gold’s directional moves by 100–150 days, suggesting BTC may simply be lagging behind the latest rally in the precious metal.