According to online reports, on October 22, Bitwise chief investment officer Matt Hougan issued a document saying that gold has increased by nearly 60% since 2025, far exceeding BTC's performance this year. The reason is that although central bank gold purchases are an important catalyst for the rise in gold prices in 2025, such purchases have begun since 2022. In other words: the central bank will start purchasing gold in 2022, and the price of gold will only show a parabolic rise in 2025. Bitcoin is currently in the pre-2025 gold phase. Since 2024, ETFs and companies have purchased 1.39 million BTC. During the same period, the new network supply of Bitcoin was less than a quarter of its size. However, the price of BTC has not risen higher and is currently hovering at around 110,000 US dollars, as price-sensitive holders will profit and leave during this period. But as the gold price example shows, one day these selling forces will be exhausted. As long as the joint buying trend between ETFs and companies continues, BTC will usher in its own "2025 gold price moment." He advised to be patient. The surge in gold prices is a sign of the future direction of Bitcoin.