Odaily News According to data from CryptoQuant, investors appear to be favoring traditional safe-haven assets such as gold over Bitcoin in the current risk-off environment. The correlation between Bitcoin and gold has recently fallen sharply to negative values, with gold prices recently hitting 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 set in March. As investors buy gold and sell Bitcoin, the U.S. stock market has been sluggish, with the S&P 500 down 3.6% since August 30. CryptoQuant's Bull-Bear Cycle Indicator has been in a bear phase since August 27, when Bitcoin was trading at $62,000. The MVRV ratio (market value to realized value) has also been below its 365-day moving average since August 26, suggesting that prices may be in for further correction. The MVRV ratio falling below its moving average was a precursor to Bitcoin's 36% drop in May 2021. (CoinDesk)