Bitcoin vs Gold & Silver: Which One Wins Over Investors in the 2025 Hard Money Race?

Silver surged to a record high of $63 per ounce, the asset’s strongest performance in history. At the same time, the crypto market fell 3% in a single day, with every top‑20 asset in the red.

Analysts say this is not a simple price spike. Trader Michael highlighted that physical silver ETFs absorbed 15.3 million ounces in four days, the second-largest weekly inflow of 2025. That nearly matches the 15.7 million ounces added during all of November and puts silver funds on pace for ten straight months of inflows.

SLV, the world’s largest silver ETF, saw almost $1 billion in weekly inflows, even surpassing major gold funds.

According to Michael, the rally reflects deeper issues in financial markets, i.e., either a loss of trust in the global monetary system or a shortage of silver due to growing industrial demand across AI, solar, EVs, and semiconductor industries.

Bitcoin continues to fall behind both gold and silver. The leading cryptocurrency is once again at the $90K price level.

Analyst noted that silver is outperforming everything in 2025, even gold, while Bitcoin is following metals and major stock indices like the S&P 500 and Nasdaq.

Economist Peter Schiff said Bitcoin has lost more than half of its value when priced against silver over the last four years. Schiff claimed that there is a risk-off sentiment among investors.

However, not everyone agrees with this view. Crypto analyst Ran Neuner argued that silver’s rally represents a risk‑on environment.

He pointed to silver’s breakout to new all‑time highs, the ETH/BTC ratio climbing above its 50‑week moving average, the Russell 2000’s strength, and the Federal Reserve’s QE pivot as signs that investors may soon rotate back into crypto.

According to him, Bitcoin sellers dry up and a “catch‑up” phase may follow.

Bloomberg strategist Mike McGlone earlier in October that Bitcoin could lose half its value against gold. The Bitcoin‑gold ratio, which was around 30 ounces per BTC then, has dropped to 21 at press time.

McGlone forecasted that the ratio would fall back to the mid‑teens if volatility increases and it seems that his prediction could be true.

Such a move would erase years of Bitcoin’s outperformance. Meanwhile, gold remains resilient. Central banks added 53 tonnes of gold in October alone, 2025’s total purchases to 254 tonnes. This is the fourth‑strongest year of central‑bank accumulation this century.

Countries including Poland, Brazil, Turkey, Uzbekistan, and Indonesia all raised their gold holdings. Surveys show that 95% of central banks expect to increase their gold reserves again next year.