Apparently there’s not enough money in markets these days for simultaneous bull moves in gold and its digital counterpart BTC$113,477.63.

To wit, gold has seen what seems like new record highs on a daily basis for the past few weeks. Bitcoin, meanwhile, despite living in a world with the same bullish catalysts — easing monetary policy, ETF inflows, rising corporate adoption — hasn’t been able to get out of its own way.

The action suggests bitcoin may not be able to move into a new sustained upswing until investors cool on the yellow metal.

Indeed, gold Wednesday is having a rare day in the red — down 1.5% to $3,759 per ounce — perhaps “allowing” bitcoin to have what seems like an equally rare positive session, up 1.7% to $113,7000.

While gold and bitcoin may seem to be moving in opposite directions in this stage of the cycle, logic would seem to dictate that both assets — given their appeal as hedges against excessive government spending and inflation — should at least kind of track over longer periods.

That appears to be the case. Year-to-date gold has gained 42% easily outpacing bitcoin’s 22%, but at least showing both moving in the same direction. Going back to the start of 2024, gold is higher by 82% against bitcoin’s 155% advance.

And since the start of 2023, gold has more than doubled, while bitcoin is up more than six-fold (though that’s measured from nearly the bottom of 2022’s crypto winter).