After Bitcoin fell below $70,000 again, the market began to reassess its relative performance to gold. Foreign media reports that at current prices, one Bitcoin is worth approximately 15.9 ounces of gold, significantly lower than the long-term average, indicating that BTC will weaken significantly relative to gold in 2026.
The BTC/gold ratio has fallen to a low level.
As of press time, Bitcoin was trading at $69,570.36, down 4.24% in the last 24 hours. During the same period, gold was trading at $4,533.95, up 1.26% on the day. Against this backdrop, the BTC/gold ratio continued to decline.
The article cites market observer Adam Livingston as saying that 2026 could be the most oversold year for Bitcoin relative to gold on record. According to his data, one Bitcoin is currently worth approximately 15.9 ounces of gold, while the long-term average is around 63 ounces.
This year's performance has significantly lagged behind gold.
The article argues that this change is inconsistent with its performance in past market shocks. Previously, Bitcoin outperformed gold and the S&P 500 during several crises, but its performance in 2026 deviated from this pattern.
The article mentions that Bitcoin has fallen by about 32% this year, while gold has risen by nearly 92% over the past two years. This has further widened the performance gap between the two assets, and has also caused the BTC/gold ratio to fall from over 30 ounces in 2025 to the current range of about 15 to 16 ounces.
- Bitcoin is currently priced at approximately $69,570.
- One BTC is approximately equivalent to 15.9 ounces of gold.
- This level is well below the long-term average of approximately 63 ounces.
Foreign media reports that low levels often appear near market bottoms.
The article argues that the current ratio is close to levels commonly seen in some historically significant bottoming areas, indicating that Bitcoin is trading at a significant discount relative to gold. Similar situations have occurred in the past before significant rebounds occurred one to two years later.
However, the article also points out that this judgment is mainly based on historical trend comparisons and does not mean that the same pattern will necessarily reappear. Judging from current market pricing, funds still tend to view Bitcoin as a risk asset rather than a safe-haven asset that fluctuates in tandem with gold.
Overall, the core argument of this commentary is that the correlation between Bitcoin and gold will significantly weaken in 2026. If market sentiment improves, BTC may catch up with gold again; however, at the current stage, its relative weakness remains the most direct signal to the market.
