Crypto Market Today: BTC-gold ratio lowest since January 2024, UNI, ZEC Rise
Bitcoin's ratio to gold hit its lowest since January 2024, despite a slight rise against the dollar, amid negative funding rates for several tokens.Summary
Bitcoin traded between $86,000 and $90,000, rising slightly against the dollar but falling against gold, pushing the BTC-gold ratio to 20.18, the lowest level since January 1, 2024. This suggests investors still prefer gold as a safe haven. Volatility measures for BTC and Treasuries are low, though derivatives positioning shows persistent downside fears for BTC and ETH. In token news, Yearn Finance's YFI token dropped nearly 6% after the DeFi aggregator suffered a $300,000 exploit from a nearly six-year-old legacy smart contract, marking its second exploit in a month. Furthermore, funding rates for several major tokens, including BNB, XRP, SOL, TRX, and DOGE, turned negative, indicating a buildup of short positions in the futures market.
(Source：CoinDesk)