Bitcoin has underperformed both the risk-on asset Nasdaq and the risk-off asset gold this year. But why? Gold’s resilience is straightforward: central banks are buying aggressively, providing a strong, steady bid. The Nasdaq, meanwhile, is being driven by the AI boom, with Nvidia alone now accounting for nearly 10% of the index. Bitcoin’s lag isn’t surprising. It’s still an emerging store-of-value, with institutional and public-sector demand only just beginning, far behind gold’s centuries-long foundation. And as a risk-on asset, it simply can’t match the overwhelming narrative power of AI (yet). Bitcoin’s story is still early.(BloFin Research)