Bitcoin’s five-year compound annual growth rate has fallen below gold’s for three straight months in early 2026, according to Fidelity Digital Assets. This marks only the second time in Bitcoin’s history that such a crossover has occurred.
The first instance was a single month in December 2022, coinciding with Bitcoin’s $15,000 cycle low. This time, the underperformance persists amid a broader bear market-and reflects gold’s extraordinary rally: from $2,156/oz in March 2024 to $5,012/oz in March 2026.
Fidelity stresses Bitcoin remains above gold’s CAGR for most of its history. But the current three-month gap signals unusual structural pressure-not just cyclical noise.
At press time, BTC traded at $74,015.
