Recent insights from Jurrien Timmer, the global macro director at Fidelity Investments, reveal that trends in exchange-traded products (ETPs) indicate a resurgence of investors who had previously distanced themselves from Bitcoin back in late 2025.
Market analytics show a significant shift in investor sentiment coinciding with Bitcoin’s peak last October. During that time, many investors exited digital currencies to invest in gold. However, this trend appears to be reversing now.
Timmer remarked, “As gold has lost its appeal and Bitcoin is regaining stability, we are witnessing a reversal of flows.” He highlighted the recent divergence between the two assets’ performances. “This situation illustrates why gold is starting to behave like Bitcoin while Bitcoin begins to mirror gold,” he added.
“Mild winter”
Last October saw Bitcoin soar beyond $124,000 before experiencing a notable decline that brought it down near the $60,000 threshold.
Timmer describes this downturn as merely a “mild winter.” The cryptocurrency seems to be consolidating and establishing robust support levels as it gears up for its next move.
<pHe stated, "Bitcoin remains within the $65-$70k range as it attempts to build a foundation following its mild winter from $126k down to $60k."
The Fidelity executive pointed out that current price levels are backed by technical indicators (previous highs), along with the ratio of Bitcoin to gold and how far Bitcoin has deviated from its power law curve,” Timmer explained.
The unexpected weakness of gold
Despite an impressive performance last year, gold has recently faced challenges—an unexpected turn of events. Typically regarded as a safe haven during times of global uncertainty, precious metals have not been able to leverage current international tensions effectively.
<p"Timmer noted that “gold’s recent underperformance is surprising and does not align with expectations during geopolitical crises.”
This lackluster performance can be attributed primarily to two factors according to Timmer. Firstly, there’s been a “shift in sentiment among quick-money investors” who initially flocked towards gold when it mirrored bitcoin’s momentum last year. Secondly, geopolitical issues have compelled some countries into liquidating their reserves.
Nonetheless,Timmer holds an optimistic long-term perspective on this precious metal: “I believe accumulating gold at these prices makes sense since its long-term trajectory remains upward,” he concluded.