Bitcoin Reclaims Momentum as Gold Investors Return

Fidelity Investments’ Director of Global Macro, Jurrien Timmer, says exchange-traded product flows are signaling a return of investor interest in Bitcoin after a late-2025 pullback. He argues that the shift reflects changing sentiment between two widely followed stores of value.

Rotation between Bitcoin and gold

Timmer points to a rotation that began when Bitcoin surged past $124,000 last October. At that time, many investors locked in gains and shifted toward gold, which was also benefiting from strong momentum.

According to Timmer, that rotation has reversed. As gold has lost some momentum and Bitcoin has stabilized, capital is flowing back into the leading cryptocurrency. He describes the relationship as a behavioral swap: gold is starting to move more like Bitcoin used to, while Bitcoin is taking on the steadier characteristics previously associated with gold.

Bitcoin consolidation after a pullback

Timmer characterizes Bitcoin’s decline from its all-time high to around $60,000 as a “mild winter.” He says the asset has since established support in the $65,000–$70,000 range, which he views as a healthy consolidation phase before a potential next move higher.

He cites several indicators supporting this view, including prior resistance levels acting as support, a recovering Bitcoin-to-gold ratio, and Bitcoin’s position relative to its long-term power law curve.

Why gold has lagged

Gold’s recent underperformance has drawn attention, particularly amid elevated global uncertainty. Timmer attributes the weakness to profit-taking by short-term traders and forced reserve liquidations by some nations facing geopolitical pressure.

Despite the near-term softness, he remains bullish on gold over the long term, describing current price levels as a reasonable accumulation opportunity.

Implications for investors

For investors monitoring both assets, Timmer’s takeaway is nuanced: Bitcoin appears to be regaining stability, while gold—though temporarily weaker—still retains long-term value as part of a diversified portfolio.