Capital rotation since Nov 2025: gold up, equities flat, Bitcoin down

Since **Nov 2025**, looking at the same window across three common investment exposures:

* **Equities (SPY)**: small gains, high volatility
* **Bitcoin (IBIT)**: steady decline
* **Gold (GLD)**: clear outperformance

One important clarification: this is **not spot prices**. The comparison uses **investable indices / ETFs** (SPY, IBIT, GLD), which better reflect how capital is actually allocated in portfolios.

The chart was built in **Baselight** using **Yahoo Finance** data. The plot and underlying query are public, reproducible, and auditable.