BTC not performing great against gold?

Sure, BTC is climbing against the dollar, but that seems to be more related to the dollar weakening rather than that BTC is skyrocketing.

We can see this if we look at BTC/EUR instead (going up but not quite as impressively) or even at how the USD is performing against other world currencies: https://www.reddit.com/r/dataisbeautiful/s/7IM7m9zoAf

What I find particularly interesting however is BTC's performance against gold. In fact, historically BTC/XAU seems to be relatively stable (not super impressive), with peaks back in April and November 2021 and then recently again in December 2024. Never quite regained those peaks since. Nowhere close to an ATH.

What does this mean, how should we read this? Is BTC not gaining as a store of value as much as we were hoping it would?