Bitcoin rebounds as gold posts its worst losing streak in 100 years.

Gold is facing its longest downturn in more than a century, while bitcoin continues to strengthen in comparison, pushing the BTC-to-gold ratio about 30% higher since the escalation of the Middle East conflict.

The metal has declined for 10 consecutive sessions—its worst stretch since February 1920—according to Katie Greifeld. Prices have fallen as much as 27% from January’s record high, dropping to roughly $4,090 before finding support at the 200-day moving average, a key level often associated with long-term trend direction.

Gold has since rebounded around 2% in the past 24 hours, hinting the losing streak may be ending. Still, it remains down approximately 12% since tensions in the Middle East intensified in late February.

At the same time, bitcoin—frequently dubbed “digital gold”—is holding above $70,000. This has lifted the bitcoin-to-gold ratio to just under 16 ounces, up from around 12 ounces prior to the conflict, highlighting bitcoin’s relative outperformance.

Charlie Morris pointed to the longer-term trend, noting that bitcoin has steadily gained ground against gold since first surpassing one ounce in 2017. The ratio has since climbed through successive cycles and now approaches 16 ounces, with scope to move higher if gold continues to lose momentum.

Historically, gold has tended to lead market cycles, often rallying first before consolidating, allowing bitcoin to catch up and outperform in later stages.

However, Eric Balchunas argues the relationship between the two assets is not strictly inverse but largely uncorrelated. He noted that gold-backed funds such as SPDR Gold Trust (GLD) and iShares Gold Trust (IAU) have recorded billions in outflows over the past week.

In contrast, bitcoin ETFs have attracted roughly $2.5 billion in inflows this month, with only about $140 million in net outflows year-to-date—even as bitcoin remains about 20% lower over that period.