2025 Asset Review: Why Bitcoin Has Temporarily Underperformed Gold and Stocks — A Comprehensive Comparison and In-Depth Analysis

2025 Asset Landscape: Who Are the Winners?

In the review of the global financial market in 2025, different asset classes showed significant differentiation. Gold, as a traditional safe-haven asset, performed strongly, reaching an all-time high. Although Bitcoin had previously surpassed its previous high during the year, its overall return rate was noticeably weaker compared to gold, while the stock market maintained steady growth under an increased risk appetite.

Gold: Safe-haven demand drives prices higher

The performance of gold prices is impressive in 2025. According to multiple market data, gold has increased by approximately +60% to 70% over the year, reaching a historical high level. The main driving forces include:

• The central bank continues to increase its holdings of physical gold as foreign exchange reserves and a safe-haven asset.
• Geopolitical risks and macro uncertainty have increased the demand for safe-haven assets;
• Against the backdrop of low interest rates and a weakening dollar, gold has become more popular as an inflation hedge.

Therefore, driven by structural hedging demand, gold has become one of the most robust assets in 2025.

The stock market performs steadily but is not eye-catching.

In 2025, major global stock markets (such as the S&P 500 and Nasdaq) are expected to maintain a growth trend overall, but the gains will be less than those of gold. According to data, the S&P 500 is projected to rise by approximately +15% to +20% within the year. The stock market continues to be supported by stable corporate earnings, growth in the technology sector, and robust economic data. Despite significant volatility in risk assets, the overall direction remains positive.

Bitcoin trends and characteristics of risk assets

Bitcoin is also attracting attention in the market of 2025. Throughout the year, the price once broke through a high point, even exceeding 120,000 USD. However, from the perspective of annual performance, Bitcoin not only failed to steadily outperform gold but also had relatively limited profit margins, even experiencing corrections at certain stages. Multiple market data indicate that Bitcoin’s overall annual yield is lower than that of gold, while showing a higher correlation with the stock market.

Why is Bitcoin performing below expectations?

Several key factors are worth noting:

From the perspective of risk-averse investors, the focus shifts towards gold: during times of frequent global risk events, investors prefer physical gold over digital assets.

The characteristics of Bitcoin as a risk asset related to the stock market have strengthened: policies and ETF mechanisms have increased the correlation between Bitcoin and the stock market, making it more like a high-risk asset rather than a traditional safe haven.

Short-term fund flow fluctuations: Bitcoin ETF fund flows are quite volatile, reflecting changes in risk appetite.

Therefore, Bitcoin has failed to consistently outperform gold, partly due to changes in market positioning and risk preferences.

How do investors view “digital gold”?

Bitcoin still retains technical value, decentralized attributes, and future growth potential in the long term, but data from 2025 shows that it has not replaced gold in a risk-averse environment. Investors should in asset allocation:

• Consider Bitcoin as a growth asset (high risk)
• Gold is positioned as a stable hedging asset.
• The stock market is a risk-neutral asset.

A combination of configurations rather than a single bet is more helpful in balancing risk and return.

Summary: The Importance of Asset Collaborative Allocation

The asset review in 2025 reminds us:

• Traditional safe-haven assets (gold) are still not to be ignored;
• Risk assets (Bitcoin) have growth potential, but their positioning is more like high-volatility assets;
• A stable growth in the stock market is the foundation for long-term investment.

Therefore, for ordinary investors and institutions, asset allocation should be dynamically adjusted based on risk preference and market cycles, rather than a single asset bet.