According to @KobeissiLetter, since a USD 19.2 billion crypto liquidation on October 10, gold and Bitcoin (BTC) have moved in opposite directions, with gold outperforming BTC by 25 percentage points over the past month, according to @KobeissiLetter on X on Nov 16, 2025. The same source reports this followed months of high positive correlation and strong inflows into both crypto and gold, indicating a post-liquidation structural shift, according to @KobeissiLetter on X on Nov 16, 2025. The author adds that leverage and liquidation dynamics are driving the divergence and that the market has not recovered since the event, according to @KobeissiLetter on X on Nov 16, 2025.