Gold is showing significant growth, while Bitcoin struggles to hold key levels, reigniting the debate over cryptocurrency's role as "digital gold." Market data shows gold has risen over 70% this year, and silver has jumped about 150%, putting both metals on track for their strongest annual gains since 1979. Meanwhile, platinum has also reached record levels, indicating broad demand for precious metals as protection against geopolitical volatility and currency risks.
Gold's Rise and Bitcoin's Decline
The rise of gold and other precious metals is reflected in impressive annual returns. Gold has increased by more than 70% this year, silver by about 150%, bringing them close to their best yearly performances since 1979, while platinum is setting new records.
Bitcoin, on the other hand, is under pressure: it struggles to maintain important support levels, and each rebound attempt often meets quick profit-taking. The market remains influenced by a prior period of high leverage, and macroeconomic uncertainty—volatile bond yields and dollar fluctuations—tends to favor gold as a "safe haven."
Expert Opinions on Gold and Bitcoin
David Miller, Chief Investment Officer at Catalyst Funds, notes that gold has had a record year and emphasized: "Gold has had a record year, up over 60%." He points out that despite cryptocurrency growth, the roles of these assets differ: "gold can have a record year while bitcoin is down in the same year." In his view, gold serves as an alternative reserve asset for currencies, which Bitcoin has yet to offer.
Miller also highlighted the institutional nature of gold demand compared to Bitcoin's retail-driven interest: "Bitcoin is really a retail play, whereas gold is very much institutional." This distinction explains why both assets can sometimes rise simultaneously but behave differently during market stress. See also the analysis what is better for a comparison of asset roles.
Gold-Backed ETF Data
World Gold Council data shows steady accumulation: gold-backed ETF holdings have grown every month this year except May, indicating sustained institutional position building. This consistent accumulation suggests investor interest in capital protection rather than isolated short-term speculation.
The largest market fund, SPDR Gold Trust by State Street, increased its holdings by more than 20% in 2025, further supporting the idea of significant inflows into metal assets. Trends in fund roles and demand distribution are analyzed in detail in the article about the role of ETFs.
Future Outlook
Some major market players express bullish expectations for gold: notably, Goldman Sachs forecasts prices could rise toward $4,900 per ounce in 2026 under its base case scenario. This forecast is presented as a possible scenario, with the bank noting upside risks.
Bitcoin's prospects as a safe-haven asset remain debated: the cryptocurrency is sensitive to risk market sentiment and trader positioning, requiring clearer conditions for sustainable growth beyond expectations of monetary easing.
Why This Matters
For miners operating 1–1000 devices, Bitcoin price movements directly impact mining profitability: prolonged price declines reduce revenue, while strong gold gains do not directly affect mining income but reflect changing market sentiment. Meanwhile, rising interest in gold and ETF inflows indicate capital shifting toward defensive assets, often accompanied by investor caution in risk markets.
If macro conditions remain volatile, this may lead to more frequent periods of increased profit-taking and reduced speculative demand for Bitcoin, important considerations when planning operational expenses and decisions on holding mined assets. Understanding these relationships is useful for miners, even if they do not alter the technical aspects of equipment operation.
What To Do?
- Monitor price and fees: regularly compare mining revenue against current Bitcoin price and transaction fees to assess farm profitability.
- Optimize electricity and cooling costs: consider measures to reduce consumption and improve efficiency to mitigate price decline impacts on revenue.
- Consider holding and selling strategies: define rules for when to sell mined BTC versus holding, accounting for volatility and personal risk tolerance.
- Prepare for volatility: maintain a reserve fund to cover operating expenses during extended low-price periods.
- Stay updated on market information: periodically review views on safe-haven assets and ETF data to understand institutional capital flows.
For a deeper dive into technical signals on Bitcoin's ratio or support levels, see the article on RSI 29.5, which analyzes current key level tests.