A recent study by NDV highlights the complementary relationship between Bitcoin (BTC) and gold under macroeconomic influences. The research suggests that while BTC and gold often move in tandem over the long term, they can diverge in the short term, offering opportunities for dynamic rebalancing to enhance portfolio Sharpe ratios. The study advocates for gold over cash as a defensive asset in the current environment, recommending a core focus on BTC with increased gold allocation during periods of liquidity tightening and geopolitical risks to reduce drawdowns and stabilize returns.