PANews reported on October 22nd that according to The Block, Bitwise Chief Investment Officer Matt Hougan believes that gold's strong rally in 2025 could serve as a useful reference for Bitcoin. Even though Bitcoin is currently trading in a narrow range of approximately $108,000 to $112,000, this surge could indicate Bitcoin's next move. Hougan's core argument lies in structural factors: central banks have been the primary marginal buyers of gold since 2022, and their continued purchases have been a key driver of gold's approximately 57% return this year. He stated that, in contrast, Bitcoin has not seen a similar increase in central bank holdings. The main recent support for Bitcoin's price has come from spot ETFs and corporate treasuries. Hougan argues that this discrepancy helps explain why gold prices have surged while Bitcoin prices have been consolidating.

Hougan noted that when large, stable buyers (such as central banks in the gold market) begin to accumulate in 2022, many price-sensitive holders will sell to meet demand, thereby curbing early gains. Prices will only accelerate once these sellers are exhausted. He believes that as ETF and corporate demand persists and the remaining selling pressure gradually weakens, the Bitcoin market is likely to experience similar dynamics; much of the selling pressure has now been largely absorbed, and the market is about to reach a turning point.