According to the latest analysis from CryptoQuant, Bitcoin is showing clear signs of losing momentum compared to many other assets in the global financial market, especially gold, silver, and technology stocks. The core reason doesn't stem from short-term technical factors but from large-scale selling pressure from institutional investors, preventing a strong return of capital to the cryptocurrency market in recent times.
on-chain data shows that spot Bitcoin ETFs have recorded Capital of approximately $5.1 billion compared to their previous historical peak. This signals that institutional capital flows, Capital to be the main driver of Bitcoin's new growth cycle, are temporarily slowing down. Simultaneously, since October, large Bitcoin holdings have continuously increased selling activity, creating significant supply pressure on the price, especially given that market sentiment remains sensitive to US monetary policy.
While Bitcoin is struggling, global Capital flows are shifting toward safe-haven assets. Gold is now about 25% higher than its 200-day moving Medium , and silver has even surged by 45%, nearing the peaks set during the COVID-19 pandemic in 2020. At the same time, the US stock market continues to maintain its strength thanks to a surge in technology and artificial intelligence stocks. The S&P 500 is now only about 1% away from its all-time high, while the Nasdaq is about 3% lower, reflecting investor confidence in the earnings growth of major technology companies.
A direct comparison shows that Bitcoin is still about 30% away from its most recent all-time high, a considerable gap compared to other riskier assets. Notably, the correlation between Bitcoin and the Nasdaq has weakened since August, indicating that Bitcoin is no longer "in sync" with technology stocks as it did previously. Furthermore, since July, the correlation coefficient between Bitcoin and gold has turned negative, reflecting investors no longer viewing Bitcoin as a safe-haven asset in the current environment.
