Central banks bought 863 tonnes of gold, zero bought Bitcoin
Quote135 words
Central banks bought 863t of gold in 2025 and none bought Bitcoin, while gold rallied 25% to a $5,595 ATH and Bitcoin halved. Says the better question is which risk factors drive BTC returns now.
Key claims
Central banks bought 863 tonnes of gold in 2025, a third straight year
Gold hit an ATH of $5,595, up 25% from Bitcoin's peak, while Bitcoin got cut in half
Zero central banks bought Bitcoin
Central banks bought 863 tonnes of gold in 2025.
Third straight year of aggressive sovereign accumulation.
Number of central banks that bought Bitcoin: zero.
This happened during the most favorable macro backdrop imaginable for the "digital gold" thesis. Fiscal expansion, dollar weakness, persistent inflation, rate cut expectations building all year.
Gold rallied 25% from Bitcoin's peak to its own ATH at $5,595.
Bitcoin got cut in half.
The question everyone keeps asking ("is Bitcoin digital gold?") assumes a static identity for an asset that has shifted its behavioral profile multiple times across regimes.
The better question: what risk factors actually dominate Bitcoin's returns right now?
@0xavarek's piece in @machinesmoneya1 lays out the framework. Three structural drivers, three competing interpretive models, and a clear set of signals that will resolve the debate.
Seriously worth the read.
QUOTING @machinesmoney_
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How the covered assets moved · since 02 Mar 2026
Prices as of 23 Oct 2026This data piece reports the numbers without making a call on the token, so price moves since publication are shown as market context.
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Zero has written 2 more pieces on $BTC since this one.
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.