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Physical gold and its digital counterpart, bitcoin, moved against each other during Tuesday’s trading. While bitcoin’s daily high was more than 2% above the Tuesday opening, gold lost around 5% of its value. What could have caused such a move between the most popular precious metal and the most popular cryptocurrency?
Bitcoin—the flagship cryptocurrency—is on track to secure its biggest gain since April 2025. During Tuesday’s trading, bitcoin briefly rose nearly 9% compared to gold, which is traditionally considered a safe haven.
Gold has had a strong year so far, substantially outperforming both US equities and bitcoin. But things took a sudden turn for the worse on Tuesday for bullish investors, with both gold and silver recording their biggest intraday drops in years. Gold lost around 5% of its value, while silver’s slide was even deeper—almost 7%.
Why are gold and Bitcoin diverging?
There are several possible explanations. The first one comes from the relative easing of geopolitical tensions worldwide. “Bitcoin seems to be capitalizing on this shift, with mercenary capital finding relative value,” said Jake Ostrovskis, head of OTC trading at market maker Wintermute. “One day doesn’t make a trend, but it’s an interesting narrative to keep an eye on,” he added.
Another reason could lie in the ongoing season of corporate financial statements for the third quarter of 2025. Carlos Guzman, research analyst at market maker GSR, pointed to the effect of strong earnings results on Wall Street. General Motors, for example, raised its guidance after reduced tariff exposure. “We’re off to a strong start for earnings season,” he said.
The third factor could be the economic stance of the United States. The Bureau of Labor Statistics is scheduled to release the latest inflation figures on Friday. Economists expect the Consumer Price Index to show a 3.1% increase over the 12 months through September, signaling that inflation is rising.
Still, Guzman said recent remarks from Federal Reserve officials suggest the central bank is focused on preserving the labor market’s health, and as a result, is likely to cut interest rates. “As long as CPI comes in within expectations, it should be a huge market mover,” he said, noting that risk assets like stocks and crypto tend to benefit from cheaper borrowing costs.
The last possible reason for the “golden shake-off” and bitcoin’s rally seems quite simple. According to some analysts, gold was simply overvalued. For much of the past two months, gold significantly outperformed bitcoin. The bitcoin/gold ratio fell roughly 30% since mid-August, dropping from around 37 to approximately 25—its lowest level since President Donald Trump’s “Liberation Day” tariff shock in April.
Over that period, bitcoin declined about 12%, while gold surged nearly 30%. This performance cemented the physical metal as one of 2025’s top-performing investable assets amid elevated market uncertainty, leaving bitcoin trailing behind.
Sources:
https://decrypt.co/345263/bitcoin-ethereum-rise-gold-sinks-record-highs-why
https://coinmarketcap.com/academy/article/bitcoin-surges-as-gold-posts-largest-drop-in-five-years