In 2025, gold has outperformed Bitcoin (BTC) as investors seek safe-haven assets amid tariff uncertainty. While BTC is down 10% year-to-date, gold has surged over 25%. According to Anthony Pompliano, gold typically leads market rallies, with BTC catching up and rising even faster afterward. However, gold currently leads BTC by 37% based on the BTC/gold ratio.

Despite $BTC holding steady between $83,000–$85,000 while U.S. equities decline, demand and sentiment remain weak. CryptoQuant’s Bull Score Index shows BTC is in a “Bull Off” phase similar to the 2022 crypto winter. Investor sentiment has been stuck in “fear” since February, and BTC’s recovery largely hinges on resolving the ongoing tariff uncertainty.