Bitcoin Falters as 'Fear and AI' Trades Crown Gold and Copper Kings of 2025
In 2025, gold and copper are the top-performing assets, surging 70% and 35% respectively. The rallies reflect a flight to tangible assets amid systemic fear and an AI boom, leaving Bitcoin behind with a 6% loss.
Investors navigating 2025 have found an unlikely consensus: tangible assets are in, and Bitcoin is out. Gold and copper have dramatically outperformed major assets this year, propelled by the paradoxical market forces of systemic financial fear and an AI-driven boom. Bitcoin, meanwhile, has failed to capture either narrative, trailing far behind.
A Tale of Two Metals
The performance divergence is stark. Gold, the classic fear hedge, has soared by to a record high above per ounce. Copper, an industrial linchpin for the AI and electrification boom, is the second-best performer with a gain, according to TradingView data. In contrast, Bitcoin is down . Other major assets tell a similar story of underperformance relative to hard assets: the S&P 500 and Nasdaq are up and respectively, while the 10-year Treasury note has lost .
The fact that polar opposites—gold as a hedge against chaos and copper as a bet on progress—are leading the pack suggests a profound 'flight to tangibility' amid concerns over fiat debasement, fiscal policy under the presidency, and geopolitical tensions.
Why Bitcoin Missed Both Rallies
Bitcoin's core problem seems to be a narrative failure. According to , founder of 10x Research, the "digital gold" narrative hasn't fully convinced Wall Street. "Many crypto narratives marketed to institutional investors now resemble passive allocation stories... rather than compelling use-case–driven growth themes," told CoinDesk.
Adding to this, Bitcoin lacks a key driver of gold's recent strength: a sovereign bid. "Gold is the 'hard asset' for global central banks and sovereign players," explained , director of derivatives at Amberdata. While central banks have snapped up of gold this year (Jan-Oct), Bitcoin remains the domain of retail and hedge funds. For Bitcoin's next leg up, believes "sovereign adoption" is necessary.
Consolidation or Weakness?
Not everyone sees this as a bearish sign. , a portfolio manager at Re7 Capital, argues Bitcoin is simply "building energy." He suggests gold leads BTC by about 26 weeks and that gold's strength signals market pricing for "further currency debasement and fiscal strain into 2026." This backdrop, he believes, has historically supported both assets, with Bitcoin responding with greater force. "The longer BTC sits tight, the more explosive the eventual move tends to be," said.
The simultaneous rally in gold and copper—and gold's outperformance—is a classic sign of a late-cycle economy. The copper-to-gold ratio, a barometer for economic health, has fallen nearly 20% to a two-decade low. This indicates that while markets see a 'fragile expansion' driven by AI, anxiety about the global financial system's stability is the dominant force. The key takeaway is a flight to tangibility, where promises of paper and digital assets are being shunned for physical ones.
本内容由AI根据原文进行摘要和分析。我们力求准确，但可能存在错误，建议核实原文。
相关文章
2025年投資風向大轉變。黃金與銅因「系統性恐懼」及「AI熱潮」分別飆升70%與35%，而比特幣卻下跌6%。本文深入剖析資金流向實體資產的背後原因，以及專家對後市的看法。
受AI鉅額資本支出推動，2025年全球科技公司債券發行總額達到創紀錄的8,500億美元。本文剖析其背後動因、市場反應與潛在投資風險。
2025年12月22日市場摘要：黃金價格飆升至4,475美元歷史新高，而比特幣則從9萬美元高點回落。資金明顯流向貴金屬及AI概念股，後者因Alphabet的收購案而大漲。
比特幣在9萬美元面臨美國時段的強大賣壓。本分析揭示機構行為模式、AI與加密產業的融合，以及投資者應關注的關鍵趨勢。