Analysis: Bitcoin/gold cross index falls, which may affect risk assets

Odaily News Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said the Bitcoin/Gold cross index plunged compared to the S&P 500, and U.S. Bitcoin spot ETFs set a record inflow in January, boosting Bitcoin's status as a leading indicator that could have an impact on risk assets thereafter. The benchmark cryptocurrency hit a new high in the first quarter, which was nearly perfect timing; but Bitcoin did not exceed its 2021 peak compared to gold and the S&P 500. The 24/7 traded cryptocurrency is volatile and highly speculative. The last time the S&P 500 e-mini futures broke through its 50-week moving average in November last year, it rose compared to gold, but this time the Bitcoin/Gold cross index is falling.