In 2025, Bitcoin has underperformed compared to gold and copper, as investors increasingly turn to tangible assets. Gold has surged to $4,450 per ounce, marking a 70% increase, while copper has risen by 35%. In contrast, Bitcoin has declined by 6% year-to-date. Analysts attribute this trend to a shift in investor sentiment, as indicated by the fear and greed index, which shows a preference for physical assets. Thielen from 10x Research notes that Bitcoin's 'digital gold' narrative has not attracted significant institutional interest. Meanwhile, Magadini from Amberdata highlights the lack of sovereign demand for Bitcoin. Despite this, Harland from Re7 Capital suggests that the current consolidation phase could set the stage for a future rally, with some altcoins potentially benefiting from the trend.