Gold reached a historic high of $4400, while Bitcoin continues to lag behind, sparking discussions of a "doomsday for risk assets."

On December 22, international gold prices surged, with spot gold briefly breaking through $4,400 per ounce, setting a new historical high, while Bitcoin (BTC) continued to be under pressure, retreating about 29.5% from its historical peak. The significant weakness of Bitcoin relative to gold has raised market concerns about high-risk assets entering a prolonged period of sluggishness.

The precious metals sector has strengthened overall, becoming one of the most outstanding asset classes in 2025. Gold futures have simultaneously reached new highs, while silver prices once surged above $69 per ounce, with an increase of over 130% for the year. Platinum has also performed strongly, with prices rising to multi-year highs, just a step away from historical peaks. Analysts point out that the comprehensive rise in precious metals reflects that funds are systematically flowing into safe-haven and physical asset areas.

In contrast, Bitcoin's performance is clearly inferior. In the past 24 hours, BTC has risen by less than 1%, with the current price around $89,000, and it has accumulated a decline of nearly 5% year-to-date in 2025. In comparison, gold has risen by nearly 70% this year, and silver has seen an increase of more than 130%. Since the launch of the Bitcoin Spot ETF in early 2024, gold's overall performance has outperformed Bitcoin by about 19%.

(Source: X/Mike McGlone)

Some market views suggest that the Bitcoin/gold ratio is signaling risk. Bloomberg senior commodity strategist Mike McGlone pointed out that this ratio is currently hovering near key technical support levels. Historically, a weakening of this indicator has often been accompanied by increased pressure on stocks and high-risk assets. He believes that if the global stock market weakens over the next year, gold may continue to dominate as a leading indicator.

However, some analysts hold a relatively optimistic attitude. They point out that the BTC/XAU ratio has fallen to a temporary low, and technical indicators suggest that Bitcoin may be undervalued relative to gold, while gold shows signs of short-term overbuying, which may lead to a rotation of funds.

Overall, the new highs in gold prices contrast sharply with the fluctuations and consolidation of Bitcoin, highlighting that the current market favors capital preservation rather than high-risk speculation. Whether Bitcoin can narrow the performance gap with gold remains to be seen, as the macro environment and risk appetite will provide answers in the coming months.