TechFlow news, on September 12, according to Coindesk, CryptoQuant's latest data shows a clear decoupling between Bitcoin and gold price trends since August 27, 2024. Currently, gold prices have hit a record high, surpassing $2,500 per ounce, while Bitcoin has fallen over 20% from its peak months earlier. The CryptoQuant report notes that the correlation between Bitcoin and gold has recently turned significantly negative. Since August 30, the S&P 500 Index has dropped 3.6%, suggesting investors are favoring traditional safe-haven assets like gold over Bitcoin.
On the technical front, Bitcoin's Market-Value-to-Realized-Value (MVRV) ratio has dipped below its 365-day moving average since August 26, potentially signaling further price corrections ahead. Notably, in May 2021, after the MVRV ratio fell below the moving average, Bitcoin's price subsequently dropped by 36%.
