BTC and gold divergence reflects split between retail and central banks: Analyst

21Shares’ macro chief looks at why Bitcoin has held relatively steady since the start of Middle East hostilities, while gold has slipped below $4,500 and key support levels.

The divergence between gold and Bitcoin (BTC) in 2026 can be explained by two distinct segments of buyers, according to Stephen Coltman, head of macro at crypto exchange-traded product (ETP) provider 21Shares.

Gold’s rally over the last three years has been primarily fueled by central bank buying, while Bitcoin is more widely held by individuals than financial institutions, Coltman told Cointelegraph. He said:

However, BTC has more utility for individuals who may use it as an alternative “lifeline” when local banking infrastructure fails during times of crisis, and accessing the traditional financial system is not possible. 

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