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In December 2025, gold and silver continued to record strong gains, while Bitcoin fluctuated in a narrow range with no clear direction at this time, reflecting the clear difference in investor attitudes towards safe assets and high-risk assets.
The divergence points to a deeper shift in market behavior, with investors favoring the precious metal during uncertain times, while Bitcoin has suffered from lower activity and weaker demand compared to previous periods.
According to analysis published by “XWIN Research Japan”, Bitcoin is currently in an extended consolidation phase after a sharp correction from its highs.
Gold and silver have continued to rise over the past three months, while Bitcoin has remained constrained within a limited price range.
XWIN analysts attributed the mixed performance to rising geopolitical tensions, economic policy uncertainty and expectations of lower real interest rates, factors that have traditionally favored the precious metal, which enjoys good institutional demand.
In some periods, silver has even outperformed gold, supported by tight supply and its greater sensitivity to speculation.
In contrast, Bitcoin still trades as a high-volatility asset closer to the risky asset class rather than as a safe haven, according to XWIN.
In a risk-off environment, liquidity typically turns to gold and government bonds first, with Bitcoin serving as a secondary option rather than the primary hedge.
Network data supports this assertion, with “CryptoQuant” data cited by the “XWIN” report showing that apparent demand for Bitcoin has entered negative territory, meaning that while prices remain relatively high, the pace of new purchases no longer keeps pace with supply.
In addition, the “SOPR” indicator for short-term holders for an extended period below the 1 level indicates that many new buyers are selling at a loss or close to the break-even point, which puts additional pressure on the price during the rebound attempt.
The weakness coincides with a broader slowdown in online activity.
Analysts at “CryptoOnchain” said that the moving average number of active addresses within 30 days dropped to approximately 807,000 addresses, which is the lowest level this year.
Binance data also shows a similar decline in the number of deposit and withdrawal addresses.
Analysts said long-term holders were in no rush to sell, but on the other hand, the strong wave of accumulation also stalled, leaving the market at a standstill.
Bitcoin is on a quiet note after a rough end to the year, with the currency set to post its weakest performance since 2018 in the fourth quarter, losing about 22% and trading between $85,000 and $90,000.
However, not all analysts are negative about this consolidation.
Analyst Crazyblockk pointed out that spot ETF inflows still provide fundamental support for prices.
According to the “Impact of ETF Flows” model, the current price is estimated to be close to fair value of approximately $88,000, indicating that there is no speculative exaggeration that characterized the previous periods of this year.
This assessment is at odds with the optimistic rhetoric surrounding gold, which has been reinforced by the likes of Peter Schiff, who celebrated gold’s recent break above $4,400 and wondered if gold would hit $5,000 before Bitcoin fell sharply.
While this debate continues, the data reflects a simpler reality:
Gold and silver are currently benefiting from steady demand for safe-haven assets, while Bitcoin awaits the return of stronger market participation before its next decisive launch.
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