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BTC Cathy Wood: The ratio of bitcoin to gold has hit an eight-month high, and there is still room for long-term growth.
Cathie Wood said that after the indicator measuring the ratio of bitcoin (BTC) to gold reached 18, Bitcoin still has a long way to rise. This is the strongest reading since January this year.
Core Views
ARK Invest pointed out in its September market commentary that Bitcoin's performance relative to gold is reassuring and believes the asset still has huge growth potential. Bitcoin's ratio to gold has risen to 18.17, the highest level since January. In the past month, Bitcoin has gained about 22% relative to gold, while gold has only gained 2%.
Both assets rose together on concerns about currency devaluation. Analysts remain divided on whether the trend can be sustained.
Bitcoin/gold ratio hits eight-month high
ARK Invest made this point in its September market commentary, reaffirming the framework Wood has relied heavily on for years. She described Bitcoin as three overlapping revolutions occurring simultaneously: a technology platform, a currency system without an issuer, and the first member of an asset class that did not exist before 2009. She called the recent trend very encouraging.
This ratio is divided by the price of Bitcoin per dollar by the price of gold per ounce. According to TradingView, the ratio climbed to 18.17, the highest reading in eight months. In the past month, Bitcoin has gained about 22%, while spot gold has gained 2%.
On Tuesday, Bitcoin traded at close to $78,000. It briefly exceeded $82,000 last week, but buyers failed to maintain that level, so it was ratios rather than absolute dollar prices that supported Wood's view. During the same period, gold also maintained its buying momentum, so the change reflected relative strength rather than the collapse of safe-haven transactions. In addition, both assets have lagged behind the AI-driven stock market rally this year.
Debt talk boosts hard assets
Both assets have climbed as investors weigh the government's fiscal position. Currently, debt in all major developed economies except Switzerland exceeds 100% of annual output. U.S. Treasury Secretary Scott Bessent told a G20 finance ministers meeting in Asheville, North Carolina that the world is riddled with debt and growth is the only way out.
SkyBridge Capital founder Anthony Scaramucci seized on this argument, calling it "the best Bitcoin ad of the year." Skeptics counter that the rising ratio may simply reflect Bitcoin's greater volatility, allowing it to amplify the same devaluation story faster than gold. This difference in readings is critical for anyone configuring long-term positions.
Strategies 'buying behavior confirms Wood's theory
Institutional demand remains strong despite market volatility. In the recent week, U.S. spot bitcoin funds have attracted nearly US$1 billion in funds.
Strategy disclosed that it purchased 4,603 bitcoins at the end of August at a cost of approximately US$370 million, increasing its position to 845,050 bitcoins. However, Michael Saylor's company's average buy price is $80,318 per unit, and its current market value is below this cost benchmark.
For most of the past year, the opposite has been true. Bitcoin set a historical record of nearly $126,000 in October 2025 and has been trading below that level ever since. By the end of 2025, Bitcoin was down about 7% for the year, while gold surged more than 70%. This period of performance has made Wood's cyclical arguments more difficult to convince the market.
