Media: Falling Bitcoin-Gold Correlation Data Shows Institutional Investors Are Avoiding Bitcoin

According to The Block, Bitcoin has long been touted as an unrelated asset and digital gold. This means that its price fluctuations do not follow the movement of other assets such as stocks. But as the global coronavirus outbreak and stock market plunged, investors sought a safe haven, but did not seem to have turned to Bitcoin, at least at the institutional level. Bloomberg's Tim Culpan also published a column today that pointed out that with the intensification of the coronavirus epidemic, Bitcoin and gold are going in opposite directions. In fact, the correlation between Bitcoin and gold has fallen to -0.22. In addition to price movements, CME Group's bitcoin futures market data also indicates that institutional investors are avoiding bitcoin.