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This Week’s Returns Priced in Gold (Week of 11/17/25)
Each of the major indices were down this week.
Small caps actually performed the best with a small decrease of -.34%.
QQQ was down -2.65%.
Nvidia was down -5.51%, dragging down the indices because of its massive weighting.
| Asset | This Week | Year to Date |
| QQQ | -2.65% | -26.82% |
| SPY | -1.48% | -27.87% |
| DIA | -1.39% | -29.23% |
| IWM | -.34% | -31.90% |
| FBTC | -9.86% | -44.86% |
Bitcoin continues to struggle. Here’s an interesting chart of FBTC/GLD.
What’s interesting to look at here is:
- The FBTC/GLD ratio is below where it was when FBTC was created. Since inception, FBTC is underperforming gold by 11.80%.
- FBTC/GLD is around similar levels at it was when it bottomed in February and August 2024. Price is near the second standard deviation band from the VWAP anchored on FBTC’s inception. This doesn’t mean that FBTC’s price is going to reverse from here, but it’s something to keep an eye on.
It will be interesting to follow FBTC priced in gold because we are looking at two assets that should do well in the future because of monetary debasement.