Capital Flows Shift From Bitcoin Toward Gold and Tech Stocks

Gold and Bitcoin have diverged in 2026: gold has climbed 153% since the start of 2024 while Bitcoin is down roughly 30% over the same period. Analyst Jurrien Timmer said the gap reflects steady global money supply growth, cooling appetite for risky tech stocks, and falling crypto exchange balances, which together are shaping how the assets trade.

Timmer described gold as a pure "hard money" asset that has tracked global money supply closely, noting sharp pullbacks have attracted short-term buyers in the bull market. He said Bitcoin also follows money-supply growth over time but its biggest rallies came when liquidity growth coincided with gains in software and SaaS stocks—proxies for speculative appetite—such as in 2017–2018 and 2020–2021, when those stocks rose about 58% and 93% and Bitcoin rallied.

By contrast, software stocks fell roughly 58% in 2022 and Bitcoin underwent a deep drawdown despite elevated money supply, illustrating that tech-sector speculation amplifies or dampens Bitcoin's swings.

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