In ARK Invest’s September market commentary, Wood called Bitcoin’s improving performance relative to gold “very reassuring” and said BTC still has “miles to go” as a monetary system and emerging asset class. ARK also described Bitcoin as finally breaking out against gold.
Bitcoin-Gold Ratio Climbs to 18
The Bitcoin-to-gold ratio recently reached about 18, its strongest level since January.
Bitcoin also significantly outperformed gold over the past month, with BTC gaining roughly 22% while spot gold rose about 2%.
That matters because the ratio measures how much gold one Bitcoin can buy. A rising ratio means Bitcoin is gaining purchasing power relative to gold.
Wood’s argument comes even as Bitcoin remains below its recent highs. BTC traded near $78,000 Tuesday after briefly moving above $82,000 last week.
Institutional demand has remained supportive, with U.S. spot Bitcoin ETFs recently attracting nearly $1 billion in weekly inflows. The latest ETF inflows suggest large investors are still adding exposure despite volatility.
Bitcoin and Gold Can Still Move Together
One complication is that Bitcoin and gold have recently become more correlated.
Short-term market data shows the 90-day Bitcoin-gold correlation climbing to its highest level in several years. But that does not contradict Wood’s argument.
Correlation measures whether two assets move in the same direction.
The BTC-gold ratio measures which one is outperforming.
That means Bitcoin and gold can rise together while BTC still gains faster.
The relationship is especially relevant as investors continue using both assets as hedges against fiscal risk, currency weakness and geopolitical uncertainty.
ARK Still Sees Much More Upside
Wood’s relative-strength argument fits ARK’s broader bullish Bitcoin outlook.
She has maintained a roughly $730,000 base-case Bitcoin target for 2030, supported by expectations for greater institutional adoption and Bitcoin’s growing role in global portfolios.
That remains far above current prices and would require a major expansion in Bitcoin’s market value.
For now, the more immediate signal is simpler: Bitcoin is once again gaining ground against gold.
If the BTC-gold ratio keeps rising above 18, it would strengthen Wood’s argument that Bitcoin is beginning to reassert itself as the higher-growth monetary asset.
