As 2025 comes to a close and crypto prices seem to be stuck in an odd position while stock indexes and PMs hit new all-time highs, much talk is swirling around the idea that Bitcoin and other crypto assets have gone their own way, separating themselves from precious metals (PMs) like gold and silver, and even US stocks.
While prime ministers and stocks are in the spotlight, Bitcoin remains in the shadows
Bitcoin investors are puzzled over why major digital assets, along with many altcoins, are underperforming while stocks and PMs are performing well. This discussion is everywhere, bubbling up across threads on Reddit and splashed across social media hubs like X and Facebook.
With respect to “Seems like the perfect setup for classic rotation,” wrote Paplianos on the X account. “Gold, silver, Nasdaq, S&P 500 and Dow are all at or near ATH. The RSI is crying out for depletion and many holders want to liquidate their profits before macro problems occur.”
I added the X account as follows:
“What could be more logical than hyping a devastated market like a relatively cheap cryptocurrency? No bad news, just a ‘manipulation’ to keep BTC -28% from its peak and suppress alternatives.”
Another X account argued that the price increases in gold, silver, and Bitcoin are simply “moving along nicely,” and reflect the loss of purchasing power caused by excessive money printing and government deficits, as well as higher interest rates and the cost of living, meaning that the currencies themselves are worth less, making everyday expenses seem more expensive.
Some flatly argued that it was “inexplicable” for Bitcoin to post its lowest Q4 in seven years, especially in the absence of bad headlines or lingering FUD.
One person argued:
“There is no explanation for this other than pure market manipulation.”
This topic extends far beyond X, with many people delving into the topic on Reddit’s r/bitcoin forum. A particular post on Reddit focuses on whether Bitcoin’s lagging performance indicates that its credibility as a serious hedge is waning, or whether it’s simply been slower to emerge from the blocks compared to gold and copper, and whether there’s still time to make a comeback.
“Interesting signal, but I see this as rotation rather than rejection. Gold = fear/debt hedging, copper = real world growth and electrification,” one Redditor responded to a forum post. “BTC typically lags in these stages and reacts later when liquidity expectations change. It has not yet been adopted by sovereigns, nor has it been priced as infrastructure. That “identity gap” is precisely why timing is important. The beginning of the cycle feels boring, until suddenly it doesn’t. ”
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Some pointed to potential problems, such as the increasingly heated debate over whether quantum computing could one day threaten Bitcoin’s core infrastructure. One Redditor said the topic raised some serious concerns.
“I am concerned about quantum computing,” the person wrote. “I’m concerned about quantum computing. I’m also concerned about what will happen when MSTR cools off its buys at risk of falling stock prices and being removed from various indexes. In fact, there’s a lot going on,” the Redditor added.
Some believe that Bitcoin is “on sale” and will rebound after capital moves.
Many weighed their views. “BTC is last on the list. In bear markets, BTC declines aggressively,” one Redditor emphasized, while another nodded in agreement, “It goes without saying that PM has been factored into people’s psyche for thousands of years. BTC has less than 3% market penetration and has only been around for 10 years.”
Whether this split is a temporary pause or something more structural, this conversation itself shows that the market is still looking for the next catalyst. For some, Bitcoin’s stall feels like a test of confidence. To others, it looks like a familiar waiting game, with attention and capital going elsewhere and then coming back. The lack of a clear trigger only amplifies the noise, leaving a narrative of manipulation to fill the gap that price movements left unfilled.
Some have blamed the deleveraging event on October 10, when about $20 billion in derivatives positions disappeared from the map in liquidations.
As the calendar turns to 2026, the debate shows no signs of slowing down. Gold and silver may enjoy a moment in the spotlight, stocks may continue to fluctuate, and cryptocurrencies may continue to test their patience. But as history suggests, these phases rarely last forever. For now, Bitcoin sits in that awkward middle ground. Suspected by skeptics, defended by believers, and watched closely by everyone else, waiting to see what story the market decides to tell next.
Frequently asked questions ❓
- Why will Bitcoin underperform gold and stocks in the second half of 2025? Rather than negative news, many traders point to liquidity rotations, market structure dynamics, or temporary decoupling.
- Are investors alleging Bitcoin price manipulation? Yes, a growing number of market participants on X and Reddit are claiming that price movements reflect manipulation rather than fundamentals.
- Does Q4’s Bitcoin decline signal a loss of confidence? Some see this as a test of patience, while others see it as a period of historical stagnation that precedes new momentum.
- What risks are investors currently discussing regarding Bitcoin? Topics include concerns about quantum computing, declining corporate purchases, Bitcoin’s role as a long-term hedge, and more.
