Bitcoin has recorded an 11.7 percent decline year-to-date in 2026, positioning it as one of the weakest major assets alongside gold, which has fallen 10.2 percent over the same period.
Historically, Bitcoin and gold have often been viewed as uncorrelated or as alternative stores of value, sometimes moving in opposing directions or serving as hedges against traditional market volatility. The simultaneous underperformance of these two assets in a single calendar year has not been documented before.
Bitcoin's decline follows a period of significant growth, including the approval of spot Bitcoin ETFs in January 2024. Gold, a traditional safe-haven asset, has faced pressure from rising real interest rates, a headwind for non-yielding assets.
Equity markets also declined. The Nasdaq fell 2.9 percent and the S&P 500 dropped 1.8 percent.
