A hypothetical $10,000 investment in BTC would have grown to $11,762, compared to $8,200 for gold and $7,310 for silver, illustrating Bitcoin’s superior performance during the US-Iran conflict. The US bond market is under increasing pressure, with the 10-year Treasury yield jumping from 4.7% to nearly 4.9%. The tokenized real-world assets market has reached $46.4 billion on-chain, including $5.1 billion in tokenized gold, showing a gradual shift of gold exposure toward digital markets. The XAU/BTC ratio has declined more than 17% in Q3, marking the strongest downtrend since the Q2 2025 cycle, highlighting a risk-reward divergence favoring Bitcoin in the current macro context.
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