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The copper-to-gold ratio recorded a rebound, prompting renewed discussion among crypto market analysts monitoring links between macroeconomic indicators and digital asset performance. Market participants focused on the move after analyst Michaël van de Poppe said the ratio could signal rising investor demand for risk-sensitive assets, including cryptocurrencies and altcoins.
TradingView data shared by the analyst showed the copper-to-gold ratio trading near 0.00141 after gaining 8.24% during the session. Despite the increase, the trend remained below its long-term moving average following a continued decline that extended from 2022 through 2026.
The chart also showed the Relative Strength Index (RSI) moving toward neutral territory from a near oversold level. Trading volume increased during the rebound, signaling larger participation during the latest move higher.
Analysts Compare Copper Trend With $ETH/$BTC Structure
Van de Poppe compared the copper-to-gold ratio to the $ETH/$BTC trading pair, noting that both charts showed similar long-term structures. According to his comments, gold rallied strongly in the last quarter of 2025, while copper remained under pressure following a multi-year downturn.
He noted that copper has now started moving higher against gold after nearly five years of weakness. The analyst stated that the duration of the copper downturn closely matched the period in which many altcoins underperformed Bitcoin.
Van de Poppe added that copper strength could indicate changing market conditions tied to the broader business cycle and investor positioning toward risk-on assets. He also stated that he did not expect a significant correction in the near term and instead anticipated continued upside over the next one to two months.
Copper Supply Constraints Continue Supporting Prices
Analysts also pointed to copper’s strong price performance over the past 12 months, with gains exceeding 40%, as further support for improving risk sentiment. They linked the increase to heightened supply conditions, lower Chinese inventories, and growing demand from data centers and artificial intelligence infrastructure.
JPMorgan stated that production challenges have added pressure to global copper supplies. The bank cited reduced output at the Grasberg mine in Indonesia following a fatal mudslide and downgraded production guidance at the Quebrada Blanca mine in Chile.
Demand from electric vehicle manufacturing, power grid expansion, and clean-energy infrastructure also continued to support copper consumption. According to the Kobeissi Letter, China’s exports increased 14% year over year in April, driven largely by clean-technology shipments that require significant copper usage.
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