Bitcoin and gold currently sit at the bottom of the 2026 performance table. Bitcoin recorded a 7.3 percent year-to-date decline, while gold dropped 7.5 percent as of Friday, Oct. 23.
This simultaneous underperformance has no historical precedent in any calendar year, according to Creative Planning Chief Market Strategist Charlie Bilello. Both assets, often considered hedges against monetary stress, are trailing stocks, bonds and cash.
The pairing matters because Bitcoin trades as "digital gold" in many portfolios, yet both are underperforming. Bitcoin has delivered a 120.6 percent annualized return since 2011. Gold, by contrast, returned approximately 6.3 percent annually over the same period. Gold's current decline follows a 63.7 percent surge in 2025.
Gold equities are under pressure. Roughly 92 percent of stocks within the GDX gold miners ETF are trading below their 50-day moving average, according to The Kobeissi Letter. This share increased 80 percent in just 21 sessions. About 90 percent of GDX constituents trade below their 200-day moving average, marking the highest proportion in three months.
Similar conditions occurred in March and December 2024. Following those instances, the GDX ETF rallied 21.5 percent and 15.4 percent, respectively, over the subsequent month. While this history does not guarantee a rebound, it signals the current stretched nature of the selloff.
Both assets weakening simultaneously is unusual given their different roles in portfolios. Gold is traditionally defensive. Bitcoin, despite its growing store-of-value narrative, often trades as a higher-volatility asset.
Investors are watching for divergence if either asset begins to recover. If both remain weak, 2026 will test the hedge narratives surrounding each.
