#比特币相对黄金进入深度弱势

Why Is "Digital Gold" Falling Behind? The Return of Traditional Trust
For years, the narrative suggested that Bitcoin would eventually dethrone gold. However, January 2026 data paints a completely different picture. While spot gold has shattered the $5,200 per ounce barrier, Bitcoin has lost momentum, remaining stuck in the $86,000 - $89,000 range.
1. The Demand for Pure Safe-Haven Assets
Markets are currently seeking "protection" over "growth." Risks of a U.S. government shutdown, diplomatic crises surrounding Greenland, and new tariff threats have driven investors back to the oldest sanctuary in history.
News: According to a recent J.P. Morgan report, Bitcoin’s relative strength against gold (BTC/Gold ratio) has plummeted to its lowest level in years. Investors are prioritizing physical guarantees over volatility.
2. The Central Bank Factor
The most tangible force pushing gold higher is the actions of sovereign states fleeing paper currency.
Massive Purchases: In the first weeks of 2026, central banks are estimated to have purchased over 750 tons of gold. In contrast, since government plans to hold Bitcoin as a reserve asset remain largely speculative, BTC is being deprived of these massive institutional cash flows.
3. Liquidity and Leverage Flush-Out
The record $19 billion liquidation in the crypto market in mid-January proved that Bitcoin has yet to shed its "risk-on asset" label.
Analysis: While gold absorbs macroeconomic stresses (inflation, war fears) and rises, Bitcoin is being dragged down by the liquidation of high-leverage positions. This situation serves as a severe short-term test for the "Digital Gold" narrative.
4. Technical Divergence: The $100K Psychological Ceiling
The $100,000 breakout expected for Bitcoin at the end of 2025 has yet to materialize. Technical indicators show that massive sell-side pressure at the $100K level is suppressing Bitcoin, while gold has entered a "blue sky" (resistance-free) zone above $5,200.
Conclusion: A Passing of the Torch or a Fork in the Road?
#比特币相对黄金进入深度弱势 is not an "end" but rather a maturation process for the market. While gold is proving its worth as a geopolitical shield, Bitcoin is still struggling to establish its foundation as a technological growth asset. Yet, today’s reality is clear: When a storm hits the markets, the world still runs toward the shining yellow metal.
Investor Note: In this period where the correlation between gold and Bitcoin has broken, revising asset allocation in light of macro data is a strategic priority.
#比特币相对黄金进入深度弱势