According to The Kobeissi Letter, Bitcoin (BTC) is up roughly 450% and Gold is up about 105% in under three years, highlighting persistent strength in inflation-hedge assets as markets price elevated inflation (source: The Kobeissi Letter, X, Aug 23, 2025). The Kobeissi Letter also notes Gold has been a leading indicator for months, implying continued leadership from hard assets and potential relative-strength support for BTC on dips (source: The Kobeissi Letter, X, Aug 23, 2025). For trading, this supports momentum-and-buy-the-dip tactics in BTC and XAU while monitoring U.S. CPI and market-based inflation expectations to confirm the regime and managing risk against spikes in real yields and U.S. dollar strength (source: The Kobeissi Letter, X, Aug 23, 2025).