21Shares’ macro chief says Bitcoin and gold are diverging as central bank demand drives gold, while retail adoption shapes BTC’s market behavior.
The divergence between gold and Bitcoin (BTC) in 2026 can be explained by two distinct segments of buyers, according to Stephen Coltman, head of macro at crypto exchange-traded product (ETP) provider 21Shares.
Gold’s rally over the last three years has been primarily fueled by central bank buying, while Bitcoin is more widely held by individuals than financial institutions, Coltman told Cointelegraph. He said:
However, BTC may offer utility for individuals, particularly when local banking systems are disrupted. In such cases, it can serve as an alternative financial lifeline.
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