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Gold wins the debasement trade in 2025, but it is not the full story

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Gold wins the debasement trade in 2025, but it is not the full story

Gold surged 65% in 2025, while bitcoin fell 7% after both assets were up roughly 30% through August.Bitcoin corrected 36% from its October all-time high, while U.S. spot bitcoin ETF holdings declined by only about 3.6%, from 1.37M BTC in October to roughly 1.32M BTC.Despite bitcoin underperforming gold on price, bitcoin exchange traded product flows outpaced gold ETP flows in 2025

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