PANews January 22 News, according to CoinDesk analysis, the price of Bitcoin relative to gold is currently in a deep bear market phase, with its performance consistently weaker than gold, which could challenge its narrative as “digital gold.” Currently, the Bitcoin-to-gold ratio is about 18.46, down approximately 55% from its peak in December 2024, and about 17% below its 200-week moving average line (around 21.90). Looking at a longer-term perspective, gold’s returns over the past year and five years have both outperformed Bitcoin.
Historical data shows that during previous major bear market cycles, the Bitcoin-to-gold ratio fell more than 30% below its 200-week moving average (2022) and remained below it for over a year. The current dip began in November 2025. If history repeats itself, this ratio could stay below the moving average throughout 2026. However, the maximum drawdown in past cycles was deeper than the current one, reaching 77% in 2022 and 84% in 2018.
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The main driver of this movement was strong active buying in the spot market. Specifically, multiple large transfers of ≥1000 BTC appeared on-chain, with net inflows of BTC on major trading platforms totaling approximately 28.
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