Glassnode Cofounders Forecast 65X BTC Breakout

• According to the founders of Glassnode, the Bitcoin to gold ratio, which currently stands at 34x, will skyrocket in the current bull cycle to hit a record 65x.
• Gold has been on an uptrend this year but couldn’t keep up with Bitcoin, which has surged to hit a new all-time high of over $73,600.

Digital gold has been outperforming real gold for years, and according to two crypto experts, this disparity will only get bigger as Bitcoin targets new highs in the current bull market.

Jan Happel and Yann Allemann, the founders of leading on-chain market intelligence platform Glasssnode, Bitcoin will continue to dominate gold. The two believe the metrics could almost double in the current bull market as BTC continues to defy the odds.

The two wrote on their shared X account:

Remember Gold vs. Bitcoin? BTC dominates Gold – big time. We suggested a 65X ratio to come at the end of the move. For now, we have only reached ~34X. But…. there is an End Date in sight. More highs to come.

As the graph below shows, this ratio hit new highs in the 2021 crypto bull market. After hitting a two-year low in 2023, it has been on an uptick and is on the cusp of topping the 2021 highs.

While gold is losing to Bitcoin, the precious metal has had a relatively good year. In the past month, it has surged by 7.88%, which pales in comparison to Bitcoin’s 33%. In the past six months, gold has gained 11.76%.

The Era of the Digital Gold—Bitcoin Outpaces Gold

Bitcoin’s comparison to gold has been ongoing for at least a decade, with the crypto touted as the digital replacement of the precious metal, which has been a global asset standard for centuries. While gold bugs initially brushed BTC aside as a fud, the crypto has stuck and is today worth $1.3 trillion, or 8.9% of gold’s $14.50 trillion market cap.

However, despite being less than a tenth of gold’s value, Bitcoin has proven it can compete at the highest levels. The spot ETFs approved in January were the biggest proof that BTC is ready for a seat at the table. Since they debuted, these ETFs have attracted close to $24 billion in assets, with BlackRock and Fidelity accounting for the lion’s share at $19 billion. As Crypto News Flash has reported, these ETFs have set several new records along the way.

And now, data by ByteTree shows that since they launched, Bitcoin ETFs have outpaced gold ETFs as investors invested in the digital gold. As one graph shared on X shows, BTC ETFs have reigned supreme for the past three weeks, spiking to record levels around March 10 as Bitcoin rallied to its all-time high.

Meanwhile, BTC trades at $69,387 and has been trading in a tight range in the past week as it cools down after rallying to new heights last week.

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