The first week of 2026 offered investors a distinctly unromantic reminder: when the macro narrative shifts from “growth and inflation” to “institutional and governance risk”, performance is no longer about whose story sounds best, but about which assets look most independent under stress. Gold and silver’s relative strength, alongside the relative weakness of BTC and ETH, captures that repricing. Hard assets are competing for an “independence premium”, while major cryptoassets are increasingly trading like high-volatility dollar risk. This isn’t to argue that crypto has lost its long-term case
source: https://beincrypto.com/capital-shift-bitcoin-gold/