The Bitcoin-to-gold ratio fell 50% in 2025: Here’s why

Gold strongly outperformed Bitcoin in 2025, resulting in a 50% decline in the BTC-to-gold ratio. Will the trend flip in BTC’s favor in 2026?

The Bitcoin-to-gold ratio, which highlights the ounces of gold required to purchase one BTC, has retraced to 20 ounces per BTC, down roughly 50% from around 40 ounces in December 2024. Rather than a collapse in Bitcoin (BTC) demand, this sharp shift reflected the unique macroeconomic regime of 2025, where gold’s asset performance dominated that of the crypto asset.

Key takeaways:

The BTC–gold ratio fell from 40 to 20 ounces per BTC between December 2024 and Q4 2025.

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