Analysts: Divergence in gold and Bitcoin price movements reflects differences in demand between central banks and retail investors.

PANews reported on March 23 that, according to Cointelegraph, Stephen Coltman, head of macro strategy at 21Shares, stated that the divergence in the price movements of gold and Bitcoin in 2026 can be explained by two different groups of buyers. The gold price increase over the past three years has been primarily driven by central bank purchases, while Bitcoin is held more by individuals than financial institutions. He pointed out that physical gold currently plays a greater geopolitical strategic role, serving as the preferred store of value for sovereign states to hedge against rival risks, and is therefore more sensitive to deteriorating international relations. In contrast, Bitcoin is more practical for individuals, serving as an alternative "lifeline" when local banking infrastructure fails and traditional financial systems are inaccessible during crises. Coltman believes that the negative correlation between gold and Bitcoin means that investors should hold both assets simultaneously to capture their unique attributes.