According to BlockBeats, on September 12, CryptoQuant released an analysis indicating that in the current risk-averse environment, investors seem to prefer traditional safe-haven assets like gold over Bitcoin.
CryptoQuant data reveals that the correlation between Bitcoin and gold has significantly decreased recently. Gold prices have surged to a new high of over $2,500 per ounce, while Bitcoin has been declining, currently more than 20% below its all-time high of over $73,000 set in March.
Investors are increasingly buying gold and selling Bitcoin, with the U.S. stock market also facing difficulties. Since August 30, the S&P 500 index has dropped by 3.6%. CryptoQuant notes that the decline in Bitcoin prices is also accompanied by a drop in the U.S. dollar index, which is another indicator of broader risk aversion and uncertainty.
