Oz of gold per BTC — Troy ounces of gold per BTC (log)
BTC priced in gold places Bitcoin beside another market benchmark: Oz of gold per BTC. It shows the relative purchasing power or performance of BTC rather than a stand-alone BTC price.
Use the direction and long-term ratio trend to compare regimes. A rising ratio means Bitcoin is gaining against the benchmark; a falling ratio means the benchmark is gaining against Bitcoin.
Cross-asset comparisons depend on the selected quote currency, market hours and data source. They are context for comparison, not a causal explanation.