{"id":23722,"date":"2025-10-25T08:00:01","date_gmt":"2025-10-25T08:00:01","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=23722"},"modified":"2025-10-20T17:56:00","modified_gmt":"2025-10-20T17:56:00","slug":"or-surclasse-bitcoin","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/or-surclasse-bitcoin\/","title":{"rendered":"Pourquoi Bitcoin peut continuer de sous-performer face \u00e0 l\u2019or"},"content":{"rendered":"<p>Le rapport de force tourne en faveur du <strong>m\u00e9tal jaune<\/strong>. Tant que le ratio Bitcoin\/or reste sous sa ligne de tendance rompue et que l&rsquo;once \u00e9volue au-del\u00e0 de nouveaux sommets historiques, l&rsquo;or a l&rsquo;avantage. Les catalyseurs sont l\u00e0 : tensions commerciales, app\u00e9tit des banques centrales, attentes de baisse des taux.<\/p>\n<p>R\u00e9sultat visible depuis d\u00e9but octobre : l&rsquo;or inscrit des records au-dessus de <strong>4 300 $<\/strong>, alors que le march\u00e9 crypto dig\u00e8re un choc de liquidations et une volatilit\u00e9 plus heurt\u00e9e.<\/p>\n<h2>Ratio BTC\/or qui c\u00e8de et or en plein boom<\/h2>\n<p>Mike McGlone, strat\u00e8ge mati\u00e8res premi\u00e8res chez <strong><a class=\"general-link\" href=\"https:\/\/www.bloomberg.com\/europe\" target=\"_blank\" rel=\"noopener nofollow\">Bloomberg<\/a> Intelligence<\/strong>, mart\u00e8le le signal depuis plusieurs jours : le croisement BTC\/or a bris\u00e9 son trend de reprise post-2022, un avertissement pour les actifs risqu\u00e9s quand l&rsquo;or m\u00e8ne la danse. Dans le m\u00eame temps, le m\u00e9tal a franchi 4 300 $ l&rsquo;once pour la premi\u00e8re fois, profitant d&rsquo;un cocktail classique de march\u00e9 : incertitudes g\u00e9opolitiques, craintes sur la conjoncture et probabilit\u00e9 accrue d&rsquo;un assouplissement mon\u00e9taire de la Fed.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hey Bitcoin, what have you done lately? Over 2x the risk but the same performance as the S&amp;P 500 since reaching the $100,000 threshold. Most risk assets underperforming gold in 2025 may be ringing a sell bell.<br \/>Full report on the Bloomberg here: <a href=\"https:\/\/t.co\/1ENpc2mEmE\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/1ENpc2mEmE<\/a> {BI COMD}\u2026 <a href=\"https:\/\/t.co\/HCUA5Cq9dU\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/HCUA5Cq9dU<\/a><\/p>\n<p>&mdash; Mike McGlone (@mikemcglone11) <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1978154555675414906?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">October 14, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Les d\u00e9p\u00eaches indiquent des <strong>pics successifs<\/strong>, avec des plus hauts intraday au-del\u00e0 de 4 370 $. Quand l&rsquo;actif refuge capte les flux, les ratios se d\u00e9forment vite. Et tant que les rendements r\u00e9els s&rsquo;effritent ou que l&rsquo;aversion au risque monte, la prime or persiste.<\/p>\n<h2>Pourquoi le march\u00e9 pr\u00e9f\u00e8re l&rsquo;or en ce moment<\/h2>\n<p>La m\u00e9canique est moins mystique qu&rsquo;il n&rsquo;y para\u00eet. D&rsquo;abord, le cycle d&rsquo;achats des <strong>banques centrales<\/strong> reste un soutien structurel. Ensuite, l&rsquo;or r\u00e9pond \u00e0 des contraintes r\u00e9glementaires et comptables connues des tr\u00e9soriers depuis des d\u00e9cennies. Enfin, l&rsquo;actualit\u00e9 alimente la demande d\u00e9fensive : tensions \u00c9tats-Unis\u2013Chine, inqui\u00e9tudes bancaires locales, gros titres qui poussent \u00e0 r\u00e9duire le levier.<\/p>\n<p>Ce triptyque profite peu \u00e0 Bitcoin \u00e0 court terme, surtout quand les carnets sont amincis apr\u00e8s une <strong>purge des positions longues<\/strong>. Bitcoin, lui, sort d&rsquo;un \u00e9pisode o\u00f9 les liquidations en perps ont atteint des records. La volatilit\u00e9 intraday attire des flux opportunistes, mais dissuade les allocations prudentes tant que le march\u00e9 n&rsquo;a pas reconstitu\u00e9 une profondeur stable.<\/p>\n<p>Dans ces phases, les arbitrages entre actifs se font au b\u00e9n\u00e9fice de la <strong>valeur refuge traditionnelle<\/strong>. La corr\u00e9lation de court terme du BTC avec les indices actions renforce ce biais : si l&rsquo;azimut macro se d\u00e9grade, l&rsquo;or capte d&rsquo;abord.<\/p>\n<h2>Ce que disent les probabilit\u00e9s et les flux crypto<\/h2>\n<p>Un autre indicateur de sentiment a pris de l&rsquo;ampleur ces derniers jours : les <strong>march\u00e9s de pr\u00e9diction<\/strong>. Sur Polymarket, la probabilit\u00e9 que le BTC passe sous 100 000 $ ce mois-ci a bri\u00e8vement atteint 52%. Ce chiffre n&rsquo;est pas un oracle, mais il renseigne sur l&rsquo;humeur des op\u00e9rateurs qui couvrent le risque de queue.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: Bitcoin projected to crash below $100k this month. <a href=\"https:\/\/t.co\/dqusTfTElS\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/dqusTfTElS<\/a><\/p>\n<p>&mdash; Polymarket (@Polymarket) <a href=\"https:\/\/twitter.com\/Polymarket\/status\/1979153959374733515?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">October 17, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Quand ces probabilit\u00e9s montent, les desks r\u00e9duisent les expositions pro-cycle et privil\u00e9gient les <strong>actifs d\u00e9fensifs<\/strong>. En miroir, l&rsquo;or b\u00e9n\u00e9ficie d&rsquo;entr\u00e9es r\u00e9guli\u00e8res via fonds, ETF et achats souverains. L&rsquo;\u00e9cart de trajectoire se voit alors dans le ratio BTC\/or, plus parlant que les prix isol\u00e9s.<\/p>\n<p>Tant que ce ratio ne reconquiert pas ses niveaux perdus, l&rsquo;hypoth\u00e8se d&rsquo;une <strong>sous-performance relative<\/strong> de Bitcoin garde du cr\u00e9dit. Les acheteurs longue dur\u00e9e existent, mais ils ne p\u00e8sent pas face \u00e0 une vague d\u00e9fensive qui balaie tous les actifs risqu\u00e9s en m\u00eame temps.<\/p>\n<h2>Ce qui invaliderait ce sc\u00e9nario<\/h2>\n<p>Le tout n&rsquo;est pas fig\u00e9. Trois \u00e9l\u00e9ments inverseraient la donne. Un, une d\u00e9tente macro claire qui ram\u00e8ne la <strong>corr\u00e9lation de Bitcoin<\/strong> vers son narratif \u00ab r\u00e9serve num\u00e9rique \u00bb et r\u00e9duit la prime de risque. Deux, une baisse plus profonde des rendements r\u00e9els qui ravive l&rsquo;app\u00e9tit pour les actifs porteurs, Bitcoin inclus.<\/p>\n<p>Trois, des flux robustes et r\u00e9guliers via v\u00e9hicules d&rsquo;investissement qui stabilisent le carnet m\u00eame en r\u00e9gime de nouveaux chocs. \u00c0 ce moment-l\u00e0, le ratio BTC\/or peut rebondir et effacer la <strong>cassure technique<\/strong>.<\/p>\n<p>En attendant, la discipline s&rsquo;impose. C\u00f4t\u00e9 gestion, on surveille la r\u00e9activit\u00e9 du ratio aux fen\u00eatres de donn\u00e9es macro, la reconstruction de l&rsquo;open interest sans emballement, et la tenue des spreads pendant les pics d&rsquo;activit\u00e9. C\u00f4t\u00e9 lecture du march\u00e9, on accepte qu&rsquo;un actif puisse sous-performer sans que sa <strong>th\u00e8se de long terme<\/strong> soit disqualifi\u00e9e.<\/p>\n<p>Aujourd&rsquo;hui, l&rsquo;or a le vent dans le dos. Tant que ses catalyseurs restent en place, Bitcoin a de bonnes raisons de rester derri\u00e8re lui sur l&rsquo;horizon proche.<\/p>\n<hr>\n<p><strong>Sur le m\u00eame sujet :<\/strong><\/p>\n<ul>\n<li>Pourquoi chaque envol\u00e9e de l&rsquo;or relance le d\u00e9bat sur Bitcoin<\/li>\n<li>JPMorgan alerte : Bitcoin vaut bien plus que son prix<\/li>\n<li><a class=\"general-link\" title=\"Le crash crypto a \u00e9t\u00e9 savamment orchestr\u00e9 d\u2019apr\u00e8s un analyste\" href=\"https:\/\/99bitcoins.com\/fr\/actu\/crash-crypto-orchestre-analyste\/\" rel=\"\"> Le crash crypto a \u00e9t\u00e9 savamment orchestr\u00e9 d\u2019apr\u00e8s un analyste <\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Le rapport de force tourne en faveur du m\u00e9tal jaune. Tant que le ratio Bitcoin\/or reste sous sa ligne de tendance rompue et que l&rsquo;once \u00e9volue au-del\u00e0 de nouveaux sommets historiques, l&rsquo;or a l&rsquo;avantage. Les catalyseurs sont l\u00e0 : tensions commerciales, app\u00e9tit des banques centrales, attentes de baisse des taux. R\u00e9sultat visible depuis d\u00e9but octobre..<\/p>\n","protected":false},"author":135978,"featured_media":23724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8,6],"tags":[13],"coin":[15],"class_list":["post-23722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-actu","tag-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pourquoi Bitcoin peut continuer de sous-performer face \u00e0 l\u2019or<\/title>\n<meta name=\"description\" content=\"McGlone (Bloomberg) alerte : Bitcoin a cass\u00e9 un support majeur et va continuer \u00e0 sous-performer l\u2019or. 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