The Block released an analysis article stating that Bitcoin has long been touted as irrelevant assets and digital gold. This means that its price fluctuations do not follow the movement of other assets such as stocks. But in the midst of a global coronavirus outbreak and a slump in the stock market, investors did not seem to be turning to Bitcoin when seeking a safe haven, 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.