Bitcoin’s relative strength against gold has weakened, with a key three-month uptrend now breaking as investors rotate back into precious metals.

The shift is highlighted by the bitcoin-to-gold ratio — a metric comparing BTC’s per-coin price to gold’s per-ounce value — which serves as a barometer of investor preference between the two assets. Since early March, bitcoin had been outperforming, pushing the ratio from around 12 to 18.

That trend has now reversed. After losing momentum in recent sessions, the ratio has turned sharply lower over the past 24 hours, breaking below the upward trendline that had supported bitcoin’s gains. In technical analysis, such a move is often seen as a bearish signal for relative performance, suggesting gold may regain leadership in the near term.

Beyond the chart, the development points to a broader shift in capital flows.

Earlier this year, geopolitical tensions — including the escalation of the Iran conflict and a surge in oil prices above $100 per barrel — drove investors toward safe-haven assets. Bitcoin initially benefited from that environment, as reflected in its outperformance versus gold.

Now, that dynamic appears to be reversing, with investors increasingly favoring gold.

While trendline breaks are not always sustained, current signals suggest that gold could outperform bitcoin in the short term.

Fund flows reinforce this narrative. U.S. spot bitcoin ETFs have seen more than $2 billion in outflows over the past two weeks, pressured by rising Treasury yields and expectations of prolonged higher interest rates.

In contrast, gold and precious metals funds have attracted fresh capital, drawing $2.34 billion in the week ended May 20 and extending their inflow streak to a second week, according to LSEG Lipper data cited by Reuters.

At the time of writing, bitcoin was trading near $75,600, slightly lower on the day, while gold remained steady around $4,500 — underscoring the shifting balance between the two competing store-of-value assets.