Bitcoin vs. Gold: 26% Relative Undervaluation, Says WisdomTree Model
Dovile Silenskyte of WisdomTree argues that bitcoin should be analyzed against gold rather than as a risk asset. Her Bitcoin in Gold (BiG) model shows that as of March 31, 2026, the actual bitcoin/gold ratio of 15.6 is 26% below the model's fair value of 21.1, implying significant undervaluation. The model considers macro factors like real yields and inflation expectations, suggesting bitcoin outperforms gold in easing liquidity environments while gold leads during risk-off periods. Separately, CoinDesk’s May 2026 Exchange Benchmark reveals growing concentration: top-tier exchanges (AA to BB) now handle 59% of spot volume despite being only 27% of rated venues, up from 40% in October 2025. A systemic vulnerability was exposed on October 10, 2025, when flash crashes affected 81% of exchanges, including all AA and B venues. The benchmark also notes rising transparency standards, with six exchanges achieving AA grade under a new higher threshold of 85.
Key facts
- BiG model: fair Bitcoin/Gold ratio 21.1, actual 15.6, implying 26% undervaluation.
- Top-tier exchanges command 59% of spot volume, up from 40% in October 2025.
- Flash crashes on Oct 10, 2025 hit 81% of exchanges, including all AA-grade venues.
- Six exchanges achieved AA grade under new threshold of 85: Bitstamp leads.
- Bitcoin reacts more aggressively than gold to falling real yields and inflation expectations.