Gold is institutionally collateralized, when gold goes up that means even more dollars can be created as loans against it, a percentage of those dollars find their way to Bitcoin which has a smaller float (higher multiplier). Flywheel effect.

Since people started talking gold parity, which would have been at 10x over most of the last year or so, its now more like a 15x in the last few months.

ETF's/MSTR debt etc are an early form of institutionally collateralized BTC, the catch-up is when BTC's little flywheel becomes a money printer unto itself like gold. The suddenly part.