According to data from CryptoQuant, in the current risk-averse environment, investors seem to prefer traditional safe-haven assets such as gold rather than BTC. The correlation between BTC and gold has recently dropped sharply to a negative value. The price of gold has recently reached a new high of over $2,500 per ounce, while BTC has been falling, currently down more than 20% from its historical high of over $73,000 set in March. As investors buy gold and sell BTC, the U.S. stock market has performed poorly, with the S&P 500 index falling 3.6% since August 30th. CryptoQuant's Bull Market-Bear Market cycle indicator has been in the Bear Market phase since August 27, when the trading price of Bitcoin was $62,000. Since August 26th, the MVRV ratio (market value to realized value) has been consistently below the 365-day moving average, indicating that the price may further adjust. The MVRV ratio falling below the moving average is a precursor to a 36% decline in BTC in May 2021. (CoinDesk)