Bitcoin (BTC-USD) has had a rocky first half of October so far.

The world’s largest cryptocurrency surged to start the month as investors sought a hedge against US government shutdown uncertainty. Last Friday, it plunged from $121,000 as low as $104,000 following President Trump’s threat of 100% tariffs on Chinese goods.

Bitcoin’s descent was particularly notable against the backdrop of gold (GC=F), which has climbed to new all-time highs past $4,300 and is up 17% in the past month. Bitcoin, by comparison, has yet to recover from Friday’s losses and is down 8% in that period.

“Right now, capital is clearly favoring gold due to its momentum and reduced volatility profile,” Sean Farrell, head of digital asset strategy at…