Tokenized gold demand rises as Bitcoin lags, raising Q2 risks amid macro uncertainty.

In Q1 2026, Bitcoin fell over 22% despite a late-month bounce, while tokenized gold (XAUT) trading volume surged past $90 billion, surpassing 2025's total. This divergence shows investors favoring tokenized gold over Bitcoin amid market uncertainty. In Q2, Bitcoin gained initially, supported by easing oil prices, but geopolitical tensions and macroeconomic fears have returned, causing Bitcoin to pull back. If risk-off sentiment grows, capital may rotate back into tokenized gold, potentially pressuring Bitcoin's momentum and risking a Q1-style correction.