Recently, the decoupling phenomenon between gold, silver, and Bitcoin has become increasingly pronounced. In the past, when gold prices rose, Bitcoin tended to follow suit, showing a synchronized movement. However, last year, while gold and silver surged significantly, Bitcoin showed a sluggish performance, indicating signs of decoupling. Gold and silver, as representative safe-haven assets, have continued to rise in price amid geopolitical risks and macroeconomic uncertainties. In contrast, Bitcoin, due to factors such as volatility, has yet to be fully accepted as a safe-haven asset, leading to the current decoupling trend. Experts predict that this decoupling trend will likely continue for the time being, especially as geopolitical risks remain prominent.

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As of 9:00 a.m. on January 21, the international gold price (XAU/USD) stood at $4,778.65 per ounce. The price of gold surpassed $4,700 for the first time ever the previous day. Silver (XAG/USD) was priced at $94.8740 per ounce. Like gold, silver recently broke through the $94 mark, soaring to an all-time high. In contrast, at the same time, Bitcoin was trading at $88,400, down 4.60% from 24 hours earlier. After reaching $92,000 on January 19, Bitcoin fell below $90,000 the previous day and has continued its downward trend.

Gold and Silver Reach All-Time Highs

Bitcoin Faces Volatility Concerns

Decoupling Phenomenon Becomes Prominent

Diverging Perceptions of Safe-Haven Assets

Central Bank Demand Focuses on Gold

Previously, gold, silver, and Bitcoin moved in tandem because they were regarded as alternative assets to the dollar. Sim Subin, a researcher at Kiwoom Securities, explained, "In the past, the simultaneous rise of gold and Bitcoin was driven more by demand for dollar alternatives than by their status as safe-haven assets. The expansion of the U.S. fiscal deficit and the Federal Reserve's accommodative monetary policy heightened concerns about the value of fiat currencies, benefiting both assets." Yang Hyunkyung, a researcher at iM Securities, added, "In an environment of rising geopolitical and fiscal risks, gold has become more favored due to its lack of issuer risk, while Bitcoin, which also lacks issuer risk and can be used to circumvent sanctions, has developed the narrative of being 'digital gold.'"

However, the decoupling trend began to emerge last year. In 2025, international gold and silver prices soared by 64% and 142%, respectively, while Bitcoin declined by 6%. Compared to its peak in early October 2025, Bitcoin dropped by more than 30%. After ending last year at around $88,000, Bitcoin gradually recovered to the $96,000 range earlier this year, but fell back to about $92,000 after U.S. President Donald Trump announced tariffs on Europe in relation to Greenland.

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Researcher Sim stated, "From the perspective of financial market participants, there is a structural difference in the level of trust toward gold and Bitcoin, and this is the most fundamental factor behind the recent decoupling between the two. As uncertainty over additional Federal Reserve rate cuts has increased, the decoupling between gold and Bitcoin began. Although the launch of spot Bitcoin ETFs has brought Bitcoin into the institutional investment sphere, its high volatility and short track record remain significant burdens compared to gold. In particular, during price declines, the possibility of selling by Digital Asset Treasury (DAT) companies is perceived as a source of supply instability." Sim added, "Furthermore, given that previous Bitcoin bull cycles ended about 18 months after a halving event, caution over the end of the current upward phase has also increased."

Hong Jinhyun, a researcher at Samsung Securities, commented, "The recent decoupling is due to increased demand for gold and silver while Bitcoin has undergone a correction. The main drivers of gold's rising demand and price include hedging against risks in the dollar and U.S. asset systems, banks rebalancing their reserve assets, and geopolitical risk premiums. Bitcoin's sluggishness is due to sharply deteriorating sentiment since October 2025, which has spread the expectation of a correction. According to the crypto market cycle, a sideways trend is expected this year."

Bitcoin supply and demand remain fragile

High volatility and short history are burdens

Heightened caution after halving

Decoupling expected to continue for the time being

The fragile supply-demand structure of Bitcoin is also cited as a background for the decoupling. Researcher Yang explained, "A qualitative difference in supply-demand structure is one of the main reasons for the decoupling between gold and Bitcoin. After the introduction of ETFs, institutional funds have flowed into Bitcoin, advancing its integration into the institutional asset class, but its supply-demand structure remains fragile. A significant portion of Bitcoin demand comes from individual investors, hedge funds, trading-oriented institutions, and ETF funds, all of which are highly sensitive to price volatility, liquidity, and investor sentiment. Bitcoin ETF funds, in particular, tend to flow in and out quickly in pursuit of relative returns, rebalancing, and in response to changes in the macro environment, rather than holding for the long term."

Due to ongoing geopolitical risks and other factors, the decoupling trend between gold, silver, and Bitcoin is expected to persist for the time being. Researcher Sim said, "Fundamentally, as long as geopolitical risks continue, the decoupling trend between gold and Bitcoin is likely to persist. Gold is being highlighted for central bank demand and its traditional safe-haven characteristics, while Bitcoin is being emphasized for its volatility and growth asset nature."

An official from the virtual asset industry commented, "In the short term, the decoupling trend between gold and Bitcoin is likely to continue, as gold is increasingly seen as a defensive asset and Bitcoin as a growth asset. However, in the medium to long term, if global confidence in currencies weakens or financial system risks re-emerge, it is possible that Bitcoin could once again move in tandem with gold. Ultimately, the key lies in how much Bitcoin can be recognized as an 'alternative store of value' rather than just a 'risk asset.'"