Gold is making new highs. Bitcoin isn’t. And that’s not a contradiction.
Bitcoin and gold are not structurally correlated assets. Outside of brief risk-off episodes, when they often move in opposite directions, Bitcoin tends to trade much closer to risk assets, especially U.S. equities.
Otherwise Bitcoin and gold are uncorrelated.
That relationship has only strengthened since the launch of the spot Bitcoin ETFs. This is the current paradigm under which Bitcoin trades.

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This article is from Prince, co-founder of Avon.
Compiled by Odaily Odaily(@OdailyChina); Translated by Azuma (@azuma_eth)
TL;DR
People's use of DeFi has become highly similar. The market and infrastructure are maturing, but users' mentality has gradually shifted from curiosity to caution. The reward mechanism has changed from "users bear the risks and rewards themselves" to "users wait to be rewarded," and participation behavior has gradually converged around incentives.
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Bitcoin behaves like a risk-on asset with distinct supply characteristics.
Its fixed supply gives it a different long-term dynamic than most risk assets, but it does not make Bitcoin a safe haven.
When markets reward risk, Bitcoin participates. When markets de-risk, it rarely