Bitcoin has recently underperformed amid geopolitical tensions and market pressures, with a 6.6% price drop, contrasting with gold's rise. Bitcoin is seen as a liquidity-first funding vehicle, a phenomenon exacerbated by long-term holder sell-offs. At the same time, central banks around the world are hoarding gold, leading to strong demand. The market's assessment of risk has influenced the risk-off strategy, with the current short-term risk focusing on gold, while Bitcoin is better suited to deal with long-term depreciation pressures. While the short-term decline is significant, Bitcoin's long-term value potential remains.