Odaily星球日报讯 根据 CryptoQuant 的数据，在当前规避风险的环境下，投资者似乎更青睐黄金等传统避险资产，而非比特币。 比特币和黄金之间的相关性最近已大幅下降至负值，黄金价格最近创下每盎司 2,500 美元以上的新高，而比特币则一直在下跌，目前比 3 月份创下的 73,000 美元以上的历史高点低 20%以上。在投资者买进黄金、卖出比特币之际，美国股市表现低迷，标普 500 指数自 8 月 30 日以来下跌了 3.6%。 CryptoQuant 的牛市-熊市周期指标自 8 月 27 日以来一直处于熊市阶段，当时比特币的交易价格为 62,000 美元。 自 8 月 26 日以来，MVRV 比率（市场价值与实现价值）也一直低于 365 天移动均线，这表明价格可能会进一步调整。MVRV 比率跌破移动均线是 2021 年 5 月比特币下跌 36%的前兆。（CoinDesk）

Odaily星球日报讯 根据 CryptoQuant 的数据，在当前规避风险的环境下，投资者似乎更青睐黄金等传统避险资产，而非比特币。比特币和黄金之间的相关性最近已大幅下降至负值，黄金价格最近创下每盎司 2,500 美元以上的新高，而比特币则一直在下跌，目前比 3 月份创下的 73,000 美元以上的历史高点低 20%以上。在投资者买进黄金、卖出比特币之际，美国股市表现低迷，标普 500 指数自 8 月 30 日以来下跌了 3.6%。CryptoQuant 的牛市-熊市周期指标自 8 月 27 日以来一直处于熊市阶段，当时比特币的交易价格为 62,000 美元。自 8 月 26 日以来，MVRV 比率（市场价值与实现价值）也一直低于 365 天移动均线，这表明价格可能会进一步调整。MVRV 比率跌破移动均线是 2021 年 5 月比特币下跌 36%的前兆。（CoinDesk）

分析：比特币和黄金之间相关性转为负值，投资者更青睐传统避险资产

According to data from CryptoQuant, in the current risk-averse environment, investors seem to prefer traditional safe-haven assets such as gold rather than Bitcoin. The correlation between Bitcoin and gold has recently dropped significantly to negative values, with gold prices recently reaching a new high of over $2,500 per ounce, while Bitcoin has been declining, currently more than 20% lower than its record high of over $73,000 set in March. As investors buy gold and sell Bitcoin, the US stock market has been performing poorly, with the S&P 500 index falling 3.6% since August 30. CryptoQuant's bull-bear cycle indicator has been in a bear market phase since August 27, when Bitcoin's trading price was $62,000. Since August 26, the MVRV ratio (market value to realized value) has also been below the 365-day moving average, indicating that the price may adjust further. A drop in the MVRV ratio below the moving average was a precursor to Bitcoin's 36% decline in May 2021. (CoinDesk)

Odaily Odaily News According to CryptoQuant data, in the current risk-averse environment, investors seem to prefer traditional safe-haven assets such as gold rather than Bitcoin. The correlation between Bitcoin and gold has recently fallen sharply to negative values. The price of gold recently hit 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 in March. As investors bought gold and sold Bitcoin, the U.S. stock market performed poorly, with the S&amp;P 500 index falling 3.6% since August 30. CryptoQuant&#39;s bull-bear cycle indicator has been in a bear market since August 27, when Bitcoin was trading at $62,000. The MVRV ratio (market value to realized value) has also been below the 365-day moving average since August 26, indicating that prices may adjust further. The MVRV ratio falling below the moving average was a precursor to Bitcoin&#39;s 36% drop in May 2021. (CoinDesk)

Analysis: The correlation between Bitcoin and gold turns negative, and investors prefer traditional safe-haven assets

Odaily Planet Daily reports that Victory Securities analysis indicates that the virtual asset market has reached the bottom of the oscillation trend. Last week, the price of Bitcoin fell by about 4.25% during the week, and Ethereum fell by about 5.29%. The decline in virtual assets is mainly due to the impact of US economic data, but from the perspective of the virtual asset market, it still shows resilience. In terms of capital flows, Bitcoin ETFs outside the market saw outflows of about $706 million last week, and Ethereum ETFs saw outflows of about $98 million. Although there have been capital outflows, if the market sentiment remains positive, it may only be a temporary adjustment and not a change in the long-term trend; the Bitcoin contract holdings of the exchanges are at a historical high, indicating traders' firm commitment to the market. This dynamic of capital may be a sign of market participants' recognition of the current price level and their medium- and long-term optimism about the second half of the bull market. In the current volatility of the virtual asset market, the prices of Bitcoin and Ethereum have experienced a decline, but this does not necessarily indicate a change in the long-term trend.

Victory Securities: Bitcoin may continue to fluctuate due to the decline of US stocks

Due to the influence of macroeconomic factors, the correlation between Bitcoin and the S&P 500 index has risen to 0.67, reaching a new high in nearly two years. Recently, due to weak US employment data, the price of Bitcoin fell by 10%, and then partially rebounded, with a weekly decline of 3%. The upcoming US CPI data and the Federal Open Market Committee meeting on September 18th are expected to further impact the cryptocurrency market.

Bitcoin's correlation with S&P 500 hits 23-month high

Bitcoin has fallen more than 25% from its peak earlier this year, is now the time to flee before it collapses further?

[Image] Image from ChatBox

Historically, September is the worst trading month of the year. Concerning economic indicators have increased the likelihood of a recession, with billions of dollars in leveraged long positions being liquidated. Hundreds of millions of dollars in "historic" capital outflows have been pounding Bitcoin ETFs for several days. Analysts warn that when Bitcoin's trading price reaches $54,000, it will drop to a low of $40,000. Just a few months ago, Bitcoin's bull run was being widely touted...