Gold for nations, BTC for the individuals
As central banks embrace simple cash, governments are buying gold at historic charges: 830 tonnes annualized in 2025, with 23 nations rising reserves within the first half alone.
Supply: X
This follows three consecutive years of above-average accumulation — 1,080 tonnes in 2022, 1,051 in 2023, and 1,089 in 2024 — making it the sixteenth straight yr of web purchases, the longest streak on document.
Previous to 2010, central banks were net sellers for 21 years.
Bitcoin is on an identical tangent.
Supply: CryptoQuant
Lengthy-term holders management near-record provide, alternate balances are shrinking, and institutional demand is rising.
Buyers more and more deal with BTC as a digital counterpart to gold, a scarce hedge asset, as world easing and rising danger urge for food drive demand for various shops of worth.