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Bitcoin Decouples From Gold as Crypto Continues in Bearish Phase
Another technical indicator suggests even tougher times could be in the cards for the crypto market.
Updated Sep 12, 2024, 5:02 p.m. Published Sep 11, 2024, 3:00 p.m.
- Bitcoin has been in CryptoQuant's bearish phase since August 27.
- There's been a decoupling from gold, which has been making record highs, while bitcoin struggles more than 20% below its record level of a few months ago.
- BTC's MVRV ratio is below its 365-day moving average which suggests a further price correction may be on the cards.
Investors in this current risk-averse environment appear to be favoring traditional safe-haven assets like gold as opposed to bitcoin {{BTC}}.
The correlation between bitcoin and gold has turned sizably negative of late, according to CryptoQuant, with gold recently pushing to new record highs above $2,500 per ounce while bitcoin has been declining and now sits more than 20% below its all-time high above $73,000 from March. The move into gold and out of bitcoin has come as U.S. stocks have struggled, with the S&P 500 slipping 3.6% since August 30.
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CryptoQuant's Bull-Bear Market Cycle Indicator has been in BEAR phase since Aug. 27, when BTC was trading at $62,000.
The MVRV ratio (market-value-to-realized-value), has also been below its 365-day moving average since Aug. 26, which suggests a further price correction may be on the cards, said CryptoQuant. The MVRV ratio dipping below the moving average acted as a precursor to a 36% drop in May 2021.
The decline in bitcon's price has also come alongside a drop in the U.S. dollar index, another indicator of broader risk aversion and uncertainty, according to CryptoQuant.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
알아야 할 것:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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알아야 할 것:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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