21Shares has launched a new exchange-traded product that combines Bitcoin and gold. This move comes at a time when the two assets are starting to move in sync again, signaling a shift in how investors treat crypto within global portfolios.
The 21Shares Bitcoin Gold ETP [BOLD]which debuted on the London Stock Exchange on January 13, offers investors regulated exposure to both Bitcoin and physical gold through a single product.
Although marketed as a diversification tool, the timing of its launch closely aligns with a growing macro trend: Bitcoin and gold are increasingly behaving as complementary hedge assets rather than competing trades.
That relationship matters because gold has historically been the world’s dominant store of value.
At the same time, Bitcoin has spent much of the past two years trading more like a high-beta technology stock. That dynamic now appears to be shifting.
Bitcoin and gold are starting to move together again
Recent market data indicates that Bitcoin and gold are starting to realign after months of divergence.
Gold has risen nearly 28% since September, from about $3,600 to over $4,590, while Bitcoin has recovered about 9% from its mid-December low near $86,000 to above $94,000.
Source: TradingView
More importantly, correlation statistics confirm this shift. The 20-period correlation between gold and Bitcoin has risen to +0.56, the strongest positive reading in months.
At the same time, Bitcoin’s gold correlation indicator has returned to zero after being deeply negative in October and November.
Source: TradingView
This suggests that capital is starting to treat Bitcoin and gold again as part of the same macro risk regime – a setup that directly supports multi-asset products like BOLD.
How BOLD is structured
IN BOLD combines exposure to Bitcoin and gold using a rules-based inverse volatility weighting system. Instead of adjusting the allocations, the product automatically redistributes weight to the asset that is more stable at that time.
As Bitcoin becomes more volatile, BOLD increases its allocation to gold.
As gold becomes more volatile, Bitcoin will gain a higher weight.
This balances the overall risk of the portfolio and prevents either asset from dominating performance during periods of market stress.
The product rebalances monthly and currently has approximately $40.1 million in assets under management.
It has a reported three-year Sharpe ratio of 1.79. It charges an annual management fee of 0.65% and is physically backed, with Bitcoin and gold held by institutional-grade custodians.
A signal about the changing role of Bitcoin
For much of 2024 and 2025, Bitcoin traded in close correlation with stocks and risk assets, limiting its usefulness as a hedge. A rising correlation with gold suggests this behavior may be changing.
If this trend continues, Bitcoin could regain its role as a portfolio stabilizer during periods of monetary and geopolitical uncertainty – exactly the environment in which gold has traditionally flourished.
Final thoughts
- BTC is up about 9% from its December low, while gold is up almost 28% since September. Correlation data now shows that both assets are returning to the same macro regime.
- This matters to BOLD because 21Shares’ new ETP is designed to take advantage of exactly this setup – when Bitcoin and gold move together as an inflation hedge rather than as opposing risk assets.