I just had an idea while observing how the markets have behaved over the past few months: Bitcoin is pretty much standing alone in its corner, while gold continues doing its job quietly. If I had to bet on the most "abandoned" asset of the year, Bitcoin would definitely be in the conversation.

The story is interesting. Not long ago, everyone was talking about Bitcoin as "digital gold." But in the end, the reality is that gold remains gold, and when you label it as digital, something fundamental gets lost in translation. Since the beginning of the year, Bitcoin has accumulated a nearly 22% decline. Looking from the peak at the end of 2025, the retreat reaches 45%. Meanwhile, gold has gained almost 18 percentage points. Two assets that seemed to be on the same side, but their paths are increasingly diverging.

What happened with Bitcoin was quite clear: seizures, confiscations, those things that call into question the entire decentralized logic of cryptocurrencies. Bitcoin ETFs have been bleeding capital for months, with outflows totaling $2 billion since the start of the year. This is a notable contrast because gold ETFs continue to receive money, although the magnitude varies over time.

Here’s where it gets interesting. Last year, there was concern that gold might become a complicated asset, potentially losing its role as a safe haven. The reason was simple: a lot of high-risk capital from US stocks and Bitcoin had entered the gold market. The theory was that if those markets collapsed, they would drag gold down with them. But looking at how things have developed, gold didn’t suffer that blow many feared. Flows into the top gold ETF remained positive, and liquidity stayed stable.

And here’s something that doesn’t go unnoticed: some of the major players in the crypto world are still heavily betting on gold. Tether, the giant of stablecoins, ended 2025 with 143 tons of gold in its reserves, more than several nations. And according to reports, they continue buying between 1 and 2 tons per week. That’s no coincidence.

My take is that Bitcoin and gold live in different universes. Bitcoin experienced a significant correction because capital was steadily withdrawn. But gold remained firm because it receives strategic investment flows, regardless of what happens with crypto. They are different dynamics, different logics.

With the holidays just around the corner, many are asking: should I hold onto my crypto positions or switch to more traditional assets? Personally, I lean toward maintaining positions in safe-haven assets. Gold is quite stable, and if we talk about the best gold ETF available, there are solid options to hold during the holiday period. With silver, it would be ideal to add some hedging with options to sleep better at night.

In summary: Bitcoin is going through a tough time with continuous capital outflows from its ETFs. Gold, on the other hand, continues attracting strategic investment and maintains its role as a safe haven. Major players in the crypto space like Tether are still increasing their exposure to gold, which suggests they understand these are two markets with their own dynamics. For the holidays, I prefer to be in gold and traditional assets, where the best gold ETF offers stability. Have a great holiday, and see you after the New Year.