Key Points

• Gold has surged past $3,025 per ounce in 2025, up over 15% this year and 40% year-over-year, driven by geopolitical uncertainty and ETF inflows.
• Bitcoin often lags behind during gold’s rallies, which appears to be the case now in 2025.

Gold has recently reached an all-time high, exceeding $3,025 per ounce, marking a 15% increase since the start of the year. In contrast, Bitcoin is currently down 10% year-to-date.

Factors driving gold’s rally include substantial inflows into gold ETFs and its usual status as a safe haven during periods of geopolitical uncertainty.

STORY CONTINUES BELOW

Also, the potential introduction of new tariffs in the U.S. under President Trump has heightened demand for U.S. equities. Gold has risen 40% year-over-year, significantly outpacing Bitcoin’s growth of 16%.

Historically, gold entering a bull market tends to coincide with Bitcoin stagnating or declining, as the two assets rarely move in sync. However, there are times when both can experience simultaneous movements.

During the rallies of 2019 through 2020, gold initially led before Bitcoin followed in the final quarter of 2020, commencing its own bull phase while gold receded. As global interest rates rose by 2022, both assets encountered challenges before recovering in 2023 and 2024. Now, in 2025, the divergence between them is becoming evident again.

ByteTree’s founder, Charlie Morris, has characterized this gold rally as a “proper gold rush,” a phenomenon not witnessed since 2011.

“Gold above $3,000, silver above $24, and gold stocks gaining momentum—it struck me that the crypto crowd has never witnessed a true gold rush. The last time this happened was in 2011, when Bitcoin was just emerging at $20. They will now.”