I've noticed something interesting these past few days: gold is really experiencing its moment. Flows into gold ETFs are hitting record highs, and central banks are buying massively. As a result, prices are steadily climbing, and even margin requirements on futures contracts are amplifying the movement. Clearly, we're witnessing a record gold market right now.

Meanwhile, Bitcoin is lagging behind. It is trading well below its all-time highs, which is quite revealing. Apparently, this is because it is classified as a highly volatile and liquid asset, so investors allocate less money to it when market conditions worsen.

What strikes me is the difference in behavior: gold remains stable in portfolios even as interest rates rise and volatility persists, while Bitcoin gets cut back much more aggressively as soon as the macro environment becomes difficult. Two completely different allocation logics.