Gold Held Up Better Than Bitcoin in Two U.S. Stock Selloffs

Bitcoin (BTC) gained more than gold after a 2018 U.S. stock market trough, but its much steeper losses in two selected selloffs show the assets have played different portfolio roles. From Dec. 28, 2021, to Oct. 14, 2022, U.S. equities fell 24.18% and Bitcoin dropped 59.87%. Gold lost 8.95%. In a second selloff, from Feb. 3 to April 8, 2025, equities declined 16.66% and Bitcoin fell 24.39%, while gold gained 5.97%. Gold held up better than stocks and Bitcoin in both periods, though it did not rise in both. Bitcoin’s deeper declines also meant that its stronger returns in a recovery followed a larger loss. In the year after the 2018 market trough, Bitcoin gained 78.99%, compared with 39.89% for equities and 18.14% for gold.

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