Measured against gold, Bitcoin has been in a bear market because the BTC-to-gold ratio has been trending down, meaning one Bitcoin buys fewer ounces of gold over time. That relative peak occurred in late 2024, after which gold consistently outperformed Bitcoin. This downtrend has persisted for over a year, meeting the definition of a sustained relative bear market even if Bitcoin’s USD price held up at times. In other words, stripped of fiat debasement, gold has been the stronger store of value during this period.