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Bitcoin continues to weaken relative to precious metals, while silver defies the trend and rises, drawing attention
【Blockchain Rhythm】In the past week, the precious metals market performed brilliantly, with gold and silver both rallying, while Bitcoin remained sideways. Data shows that by the end of the week, the Bitcoin-to-Silver ratio had fallen to 1104, hitting a new low since September 2023. It’s worth noting that since May alone, this ratio has been halved—down by as much as 67%, which clearly indicates the strength of silver.
The situation with gold is similar. The Bitcoin-to-Gold ratio is now only 19, also hitting a low since November 2023, and has plummeted 50% compared to January. This means the “cost” of exchanging Bitcoin for gold is increasing month by month, and precious metals are once again attracting capital.
Looking back to the lowest point of the 2022 bear market, the Bitcoin-to-Silver and Bitcoin-to-Gold ratios were only 680 and 9, respectively. Comparing today’s 1104 and 19, we see an interesting phenomenon—although Bitcoin performed weakly last year, its relative attractiveness compared to precious metals seems to be adjusting again. How far this round of precious metals rally can go remains worth further observation.