BTC vs GOLD still trading at 2022/23 levels from last bear market. Over the long run, I do expect this to go higher. But you need a long time horizon for these kind of moves to play out. Which is pretty evident from this price action the past ~5 years. Obviously gold itself has performed massively over the past 1-2 years which has pushed this ratio as low as it is now.(Daan Crypto Trades)