According to BlockBeats, on September 12, CryptoQuant published an analysis saying that in the current risk-averse environment, investors seem to prefer traditional safe-haven assets such as gold rather than Bitcoin.
CryptoQuant data shows that the correlation between Bitcoin and gold has fallen significantly recently, with gold prices recently hitting a new high of more than $2,500 per ounce, while Bitcoin has been falling and is now more than 20% below its all-time high of more than $73,000 set in March.
Investors have been buying gold and selling bitcoin, while the U.S. stock market has also struggled, with the S&P 500 down 3.6% since August 30. CryptoQuant said the fall in Bitcoin prices was also accompanied by a fall in the U.S. dollar index, another indicator of broader risk aversion and uncertainty.
