Since 2025, the performance of major global assets has shown significant divergence. In the context of investors simultaneously pursuing safe-haven and growth assets, Bitcoin has unexpectedly lagged behind two assets with completely opposite attributes - gold and copper. This phenomenon reflects that, driven by macro uncertainty and the AI boom, market preferences are shifting towards "tangible assets."
According to data from the beginning of the year to now, gold, as a traditional safe-haven asset and inflation hedge, has accumulated a rise of 70%, with prices breaking through 4450 USD per ounce, setting a historical high and becoming the strongest performing asset. Meanwhile, copper, regarded as a key material for the global economy and artificial intelligence infrastructure, has risen about 35%, ranking second. In contrast, the S&P 500 index and the Nasdaq index of the US stock market have risen 17% and 21% respectively, the 10-year US Treasury bond has fallen 9%, the US dollar index has dropped nearly 10%, while Bitcoin has decreased by about 6%.