According to CryptoQuant, in the current risk-averse environment, investors appear to favor traditional safe-haven assets like gold over Bitcoin (BTC). Data from CryptoQuant indicates that the correlation between Bitcoin and gold has significantly decreased recently.
Gold prices have surged to a new high, surpassing $2,500 per ounce, while Bitcoin has been on a downward trend, currently trading over 20% below its all-time high of over $73,000 set in March. Investors are increasingly buying gold and selling Bitcoin, while the U.S. stock market has also faced challenges, with the S&P 500 index falling 3.6% since August 30.
CryptoQuant also noted that Bitcoin’s decline has coincided with a drop in the U.S. Dollar Index, which serves as another indicator of broader risk aversion and uncertainty in the market.