CoinDesk
A sweeping capital rotation analysis suggests Bitcoin's best days in this cycle are behind it — at least for now. BTC surged over 650% from its November 2022 low near $15,000 to a peak around $126,000 in October 2025, with a significant chunk of that move compressed into the post-election window between September 2024 and January 2025. Gold followed with a delayed rally of its own, climbing from $2,000 to above $5,200 per ounce before correcting nearly 20% to below $4,400. NVIDIA peaked near $225 and has since gone largely sideways.
The hot-money baton has now passed to memory and semiconductor names. Micron Technology recently crossed the $1 trillion market cap threshold — up from just $70 billion a year ago — with SanDisk drawing similar momentum flows. These names have effectively replaced crypto as the market's dominant speculative trade.
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