According to ChainCatcher, citing The Block, Morgan Stanley analysts stated that Bitcoin's positioning as "digital gold" is facing pressure, while gold demand remains strong. "Bitcoin's volatility and correlation with stocks have raised doubts about its 'digital gold' narrative."

"Looking ahead, we believe gold will continue to rise and become the main beneficiary of devaluation trading." Devaluation trading is a strategy focused on purchasing assets like gold and Bitcoin to hedge against inflation, long-term debt, and fiat currency depreciation.

Analysts noted that gold prices have significantly increased to over $3,100 per ounce this year, reflecting the "intensification" of devaluation trading—indicating that investors are increasingly favoring gold over Bitcoin.