Overview
- Deutsche Bank strategist Marion Laboure said Bitcoin has decoupled from gold and is no longer “digital gold,” citing 2025 returns in which gold rose about 65% as Bitcoin fell roughly 6.5%.
- Laboure pointed to sustained redemptions from U.S. spot bitcoin ETFs since October 2025 and a Deutsche Bank survey showing U.S. retail crypto participation dropping from 17% in July to 12% in December.
- Bloomberg ETF analyst Eric Balchunas countered that judging the label on a single year is flawed, noting Bitcoin has outperformed gold in most years since 2012 outside bear-market periods.
- Bitcoin traded near $65,000 on Thursday, down about 22% year to date, roughly 45% below its October peak, and coming off four straight monthly declines, while ether hovered below $2,000 with losses near 30%.
- Standard Chartered’s Geoff Kendrick cut his year-end Bitcoin target to $100,000 from $150,000 and said prices could dip just below $50,000 before rebounding, adding that ETF holders look more likely to sell into current conditions.