{"id":55118,"date":"2026-03-23T04:32:31","date_gmt":"2026-03-23T04:32:31","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=55118"},"modified":"2026-03-23T04:32:32","modified_gmt":"2026-03-23T04:32:32","slug":"btc-and-gold-divergence-reflects-split-between-retail-and-central-banks","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=55118","title":{"rendered":"BTC and gold divergence reflects split between retail and central banks"},"content":{"rendered":"

21Shares’ macro chief looks at why Bitcoin has held relatively steady since the start of Middle East hostilities, while gold has slipped below $4,500 and key support levels.<\/p>\n

The divergence between gold and Bitcoin in 2026 can be explained by two distinct segments of buyers, according to Stephen Coltman, head of macro at crypto exchange-traded product (ETP) provider 21Shares.<\/p>\n

Gold\u2019s rally over the last three years has been primarily fueled by central bank buying, while Bitcoin is more widely held by individuals than financial institutions, Coltman told Cointelegraph. He said:<\/p>\n

\u201cPhysical gold has a greater geopolitical strategic role currently, as the asset of choice for state actors who want to store wealth in a way that is protected from rival powers. This has meant that it has traded with greater sensitivity to deteriorating international relations.\u201d<\/p><\/blockquote>\n

However, BTC has more utility for individuals who may use it as an alternative \u201clifeline\u201d when local banking infrastructure fails during times of crisis, and accessing the traditional financial system is not possible.\u00a0<\/p>\n

\"Gold,
Gold falls below the 50-day exponential moving average, a key support level. Source: <\/em>TradingView<\/em><\/figcaption><\/figure>\n
\u00a0<\/div>\n

\u201cShortly after the conflict started, both the Dubai and Abu Dhabi exchanges were shut down following missile and drone strikes from Iran,\u201d which, he said, is a \u201cstark reminder\u201d of how valuable 24\/7 access is in wartime situations or other emergencies.<\/p>\n

Coltman told Cointelegraph that the inverse correlation between BTC and gold means that investors should hold both to benefit from each asset\u2019s unique properties.<\/p>\n

Ongoing macroeconomic and geopolitical shocks over the last several years drove gold to an all-time high of nearly $5,600 per ounce in January 2026.<\/p>\n

However, heightened volatility dragged the precious metal back down to about $4,497 per ounce, leading to renewed debate among analysts about gold\u2019s role as a store of value asset, and how it will perform against Bitcoin in the coming years.<\/p>\n