January 21 News, as Bitcoin prices continue to weaken, the global secondary market for luxury watches has unexpectedly shown independent trends. WatchCharts data indicates that over the past six months, Bitcoin prices have fallen by about 25%, the CoinDesk 20 index has declined by over 30%, while the prices of high-end second-hand watches have risen by approximately 4% against the trend, demonstrating that capital is shifting from highly volatile cryptocurrencies to more scarce physical assets.
The WatchCharts index covers thousands of luxury watch models, and its latest trend suggests the market is gradually stabilizing. A joint report by Morgan Stanley and WatchCharts states that this rebound is not a new speculative boom but a structural recovery after two years of adjustment. As excess inventory is gradually absorbed, passive selling decreases, and sellers are less willing to lower prices, the downward pressure on the secondary market has significantly eased since the end of 2025. Meanwhile, since early 2026, major watch manufacturers have raised their global retail guide prices by about 7%, providing additional support for resale prices.
The report also shows that the recovery is mainly concentrated in brands with strong pricing power, including Rolex, Patek Philippe, and Audemars Piguet, while many mid- and low-end brands still transact at discounted prices. A controlled secondary circulation system also plays a stabilizing role, especially Rolex’s certified pre-owned program, which is reducing sharp price fluctuations and boosting buyer confidence.
This shift contrasts sharply with the cryptocurrency market. In 2024, Bitcoin experienced a temporary rally due to expectations of spot ETFs, while watches continued to decline amid tightening financial conditions and cooling retail speculation. By 2026, this correlation was further broken, with capital more inclined to flow into physical assets with lower volatility and scarce supply.
Meanwhile, precious metal prices are also strong. Since early 2025, gold has risen nearly 70%, silver about 150%, driven by industrial demand, tight physical supply, and policy uncertainties that have increased the metals’ appeal as safe havens. Against this backdrop, cryptocurrencies have been temporarily marginalized by the market, with volatility and macro risks amplifying the wait-and-see sentiment among investors.
This divergence is reshaping asset allocation logic. Increasingly, investors no longer view Bitcoin, luxury watches, and precious metals as the same speculative tools but are re-pricing them based on liquidity, scarcity, and anti-volatility features. In an environment of rising macro pressures, the boundaries between stable physical assets and highly volatile financial assets are becoming increasingly clear.
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