I reckon the past year's bitcoin underperformance versus gold boils down to a few factors playing out simultaneously. You've got early holders—folks with cost basis under $100—cashing out in waves, which is inevitable after sitting on these gains for years. Then there's the four-year cycle dynamics kicking in around the market peak timing. What makes it more interesting is the ongoing portfolio reallocation happening right now. People who'd gone all-in on crypto are gradually rebalancing their positions as we approach what some reckon will be a prolonged consolidation phase stretching into 2026. It's not just price action; it's behavioral—these macro waves of holders making simultaneous moves create the narrative we're seeing play out in the gold versus bitcoin comparison.