Highlighting that gold is a more established market for big players, Fidelity Digital Assets Research Director Kuiper stated that Bitcoin often experiences “last-minute bullish runs.” He expressed that the main reason Bitcoin is currently showing weaker performance compared to gold could be due to this factor. Fidelity’s research director for digital assets, Chris Kuiper, pointed out that the fundamental reason behind the correction in the price of Bitcoin is its delayed response to market forces compared to gold. Kuiper emphasized that both Bitcoin and gold are driven by the same fundamental factors, defining these factors as liquidity conditions and inflation expectations. Kuiper noted that Bitcoin struggled to reach a new peak against gold in December and exhibited limited room for movement compared to the double top formation seen in the previous bull market period. Kuiper stated that Bitcoin failed to gain strength against gold, attributing this to Bitcoin being largely influenced by retail investors. Kuiper underscored that the gold market is more established for major players who first price in macroeconomic dynamics, while Bitcoin is more guided by individual investors and often experiences “last-minute bullish runs.” He added that this difference could explain why Bitcoin is currently showing weaker performance compared to gold. Fidelity’s global macro strategist Jurrien Timmer recently stated that gold and Bitcoin are actually on the same team, indicating that both assets respond similarly to macroeconomic conditions. However, Kuiper, reminding that gold rose by about 70% in 2019-2020, followed by Bitcoin appreciating by over 100%, said that it is uncertain whether this cycle will repeat. He used the phrase “Will we see the same scenario this time, or will a different market structure emerge, time will tell.”