BTC is in a bear market and has been in one since October 2025.
When metals have parabolic rallies like they have been having, it usually leads to drops in risk assets, not rallies.
You are looking at just the last decade, but when you look at Gold in a more historical context (before BTC was created), there are numerous times where after parabolic rallies by metals, it immediately led to deep corrections in risk assets (1973 and 2008 are two such examples).
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@martypartymusic Fun fact - every other central bank owned US bonds after 2012 (EU debt crisis) but the Swiss knew the fiat system was going to be debased and bought US tech equities instead as per The Everything Code. Legends.
Might be some legs behind this move.
U turn of the concerns for the ponies in the market.
Rate cuts coming.
Btw for everyone who says rate cuts are priced in - they are not.
They never are.
A lot of asset allocation only happens afterwards.
Imagine u have money in a 5% savings account (yeh I know why would u ever do that).
Then u see that rate drops to 4.5%, then 4%, then 3.5% etc…eventually u are like fk this I need to put my money somewhere else, and it often ends up being further down the risk curve.
Now imagine that on an institutional scale, especially in an environment where there has been great uncertainty of rate cuts.
This is what I think causes the extended rally of risk assets to new highs with a lot more upside.
Don’t let your ptsd cloud your judgement to assess markets objectively.
Cheers.