Markets are signaling a shift: gold and silver are climbing while Bitcoin lags — and that divergence is showing up on-chain.
Tokenized gold is drawing investor capital as concern over macro uncertainty grows. Combined value in gold-backed tokens has topped $4 billion since early 2025, according to The Block, suggesting investors are using on-chain, gold-pegged instruments as a steadier alternative during volatile market stretches. Most of that supply is concentrated in two products — Tether Gold (XAUt) and Paxos Gold (PAXG) — both of which have seen supply growth accelerate in recent months.
The on-chain move mirrors real-world demand. Central banks have been steady purchasers of bullion through 2024 and 2025, adding tens of tonnes nearly every month. World Gold Council data showed net purchases peaking above 70 tonnes in late 2024, followed by renewed buying in mid-to-late 2025 after a short lull earlier in the year. That persistent demand has helped push bullion higher: gold has approached the $4,300/oz area and silver has climbed above $60/oz.
By contrast, Bitcoin has struggled. ETF flows and long-term holder behavior have diverged: strong inflows into gold ETFs have coincided with outflows from Bitcoin ETFs and signs that long-term BTC holders are trimming exposure. The result: the Bitcoin-to-gold ratio has fallen roughly 50% in 2025, underscoring a widening gap between crypto and traditional safe havens. BTC moved from levels above $110,000 earlier in the period cited to about $88,000 as buyers failed to step in.
Industry voices see a structural story behind the rotation. Ray Youssef, CEO of NoOnes, told AMBCrypto that gold’s ascent is acting as a macro headwind for crypto. He argues the rally isn’t merely speculative: rising global debt, compressing yields, and concerted central-bank buying are strengthening gold’s position as a hedge against policy uncertainty. “Traders are pricing in the possibility of prolonged macroeconomic fragility by increasing gold exposure, while the crypto market awaits a clearer liquidity landscape,” Youssef said.
The growing market for gold-backed tokens complicates the old narrative of a single “crypto safe haven.” Investors now have an on-chain way to hold exposure to a time-tested safe asset without fully exiting blockchain rails, a trend that could reshape capital flows if uncertainty persists.
Sources: The Block, World Gold Council, AMBCrypto. Disclaimer: This content is informational and not investment advice. Cryptocurrency and commodity trading carry high risk; conduct your own research before making decisions. © 2025 AMBCrypto
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