According to @Andre_Dragosch, the BTC/Gold ratio is trading near 20 oz while his global money supply model implies a fair value around 50 oz, indicating Bitcoin is roughly 60% undervalued versus gold on a relative basis. Source: X post by @Andre_Dragosch 2026-01-19 https://x.com/Andre_Dragosch/status/2013247150822469666 He characterizes this as a rare asymmetric setup and notes that if capital flows rotate toward Bitcoin, Q1 2026 could mark an inflection point. Source: X posts by @Andre_Dragosch 2026-01-19 https://x.com/Andre_Dragosch/status/2013247150822469666 and https://x.com/Andre_Dragosch/status/2013246054490124290 For traders, a move in the BTC/Gold ratio from 20 to 50 oz would imply roughly 150% relative outperformance of BTC versus gold, informing potential long-BTC/short-gold pair strategies and risk controls anchored around the 20 oz level. Source: Calculation based on ratios cited by @Andre_Dragosch on X 2026-01-19 https://x.com/Andre_Dragosch/status/2013247150822469666

According to @Andre_Dragosch, Bitcoin’s mempool is almost empty while he characterizes gold’s as 'clogged,' highlighting a divergence in settlement backlogs between BTC and traditional bullion markets. Source: André Dragosch on X, Oct 17, 2025 An almost-empty BTC mempool typically indicates few pending transactions and lower fee pressure, creating favorable conditions for on-chain rebalancing, arbitrage flows, and exchange withdrawals at reduced cost. Source: Bitcoin.org Developer Guide; Bitcoin Core documentation When the mempool is sparse, fee estimates tend to decline, allowing traders to consolidate UTXOs and time large transfers with cheaper sat/vB pricing to optimize execution. Source: Bitcoin.org Developer Guide; Bitcoin Core documentation The 'clogged gold mempool' framing underscores Bitcoin’s relative settlement efficiency narrative versus gold, a signal some macro traders may translate into relative positioning such as BTC/XAU pairs. Source: André Dragosch on X, Oct 17, 2025 Active monitoring of mempool size and median fee rates can help traders anticipate on-chain liquidity conditions and adjust transfer timing accordingly to minimize slippage and network costs. Source: Bitcoin.org Developer Guide; Bitcoin Core documentation