According to a revelation from market strategist Charlie Bilello, Bitcoin [BTC] and gold are down 31% and 6% respectively, making them the two worst performing major asset classes so far in 2026.
Needless to say, this combination is unusual in history.
2026 will be a unique year for Bitcoin and Gold
This obviously indicates that investors have reduced their exposure to both conventional and alternative value stores.
As a result, money has largely moved to other asset classes that have delivered higher returns, making 2026 the first year that both gold and Bitcoin have been among the top assets with the worst performance.
Bilello noted the same and added:
We have never seen this before in any calendar year.
That said, this could all be the result of a combination of macroeconomic and geopolitical factors, such as extended high interest rates, the intensification of geopolitical conflicts in the first quarter of 2026, and the increased number of hacks and exploits.
Bitcoin and gold are both signaling signs of concern
This coincided with Bitcoin’s price standing at $60,237.04 at the time of writing, having fallen 43% in a year. Meanwhile, gold prices stood at $4,071.95, after rising 33% over the same period. Meanwhile, the Bitcoin/Gold ratio stood at 14.63872, down 2.01% from the day before.
Moreover, a significant difference between June 2025 and June 2026 was also shown by the Bitcoin and Gold price correlation. The chart shows how the correlation of the two assets fluctuated over the year, often moving between positive and negative areas.
Although their price movements were only marginally related, Bitcoin traded above $110,000 in the second half of 2025, while gold steadily gained ground.
Initially, gold held up, reflecting its long-standing appeal during times of market turbulence, even as Bitcoin entered a steep decline starting in February 2026, falling from around $90,000 to almost $60,000. However, the correlation coefficient rose to strongly positive territory in June 2026, when gold also began to decline.
In this regard, Bitcoin expert Adam Livingston recently noted:
2026 is officially the most oversold year for Bitcoin versus gold on record.
What has happened in recent years?
That said, throughout history, Bitcoin and gold have often moved in opposite directions during periods of market stress.
According to an earlier report from AMBCrypto, Bitcoin rose 21% during the COVID-19 outbreak in March, while the S&P 500 and gold rose 2% and 3%, respectively.
Similar trends were seen in the war between Russia and Ukraine, the US banking crisis and the war between the US and Iran in 2026.
Final summary
- Both Bitcoin and gold, which typically move in opposite directions, have already fallen this year.
- The Bitcoin/Gold ratio and the price correlation between the two assets further point to signs of stress.