Analysis: The relationship between BTC and gold has "cracked", the recent weakness may be due to the market digesting the benefits after touching a peak of $109,000

Veteran futures and options trader Jim Iuorio analyzed the recent weak performance of Bitcoin on the official website of the Chicago Mercantile Exchange, pointing out two main reasons:

Firstly, after Bitcoin reached a peak of $109,000 in mid-January, the good news has been digested by the market. After expected news is confirmed, choosing to sell leads to an increase in long position liquidation.

Secondly, many institutional traders have included Bitcoin and Nasdaq index into the same investment portfolio. When Nasdaq drops significantly it triggers a sell-off in Bitcoin to meet margin requirements.

In addition, there began to be cracks in 2025 between gold and bitcoin's relatively closely related trends. By end March gold had risen 16% while bitcoin fell more than 6%. Analysis believes that despite recent divergence between gold and bitcoin; however unprecedented rapid development of bitcoin in digital age is accelerating its maturity.