Recently, a very obvious phenomenon has emerged: a large amount of capital is flowing from Bitcoin into on-chain tokenized gold. According to data, the trading volume of on-chain gold has already surpassed $4 billion. What's really going on here? Let's take a look.

**This wave of gold price increase is putting some pressure on Bitcoin**

The market trend is quite straightforward—gold prices are continuously rising, while Bitcoin's performance appears somewhat lackluster. Although Bitcoin ETFs are still in circulation, long-term holders are actually shifting their funds toward gold. More importantly, the inflow of funds into gold ETFs remains strong. Market forecasts indicate that by 2025, the ratio of Bitcoin to gold may drop by nearly 50%.

Why is this happening? Simply put—when uncertainty increases, investors naturally flock to assets that are more stable and predictable. Gold has become the new safe-haven asset, while Bitcoin is temporarily under pressure.

**Why are investors so optimistic about gold?**

A senior executive from a leading crypto platform recently discussed this topic. He straightforwardly said: "Gold prices are rising, and the demand for safe-haven assets is growing stronger, which exerts a clear downward pressure on crypto assets. Investors are re-evaluating what truly constitutes a safe-haven asset, and gold is firmly occupying the center stage, while Bitcoin is temporarily being sidelined."

**The factors supporting gold's upward trend are not just speculative**

There are deeper reasons behind this: global debt accumulation, declining yields, and continuous increases in gold reserves by various central banks—these are all structural factors. In such a macro environment, gold naturally becomes the first choice for risk management.