Gold hits worst losing streak in 100 years as bitcoin outperforms as middle east conflict continues
Gold is experiencing its longest losing streak in a century, while Bitcoin outperforms, increasing the BTC to gold ratio amid the Middle East conflict.Summary
Gold is currently facing its worst performance since February 1920, with a 10-day losing streak and a 27% drop from its January high, though it has recently rebounded by 2%. Despite this, gold remains down roughly 12% since the escalation of the Middle East conflict. Conversely, Bitcoin has maintained its value above $70,000, resulting in a 30% increase in the BTC to gold ratio since the conflict began. Analysts like Charlie Morris of ByteTree suggest Bitcoin could reach a new high of over 40 ounces of gold. While historically lagging gold in market cycles, Bitcoin is now outperforming, and despite not being inversely correlated, is attracting significant ETF inflows while gold ETFs experience outflows, as noted by Bloomberg ETF analyst Eric Balchunas.
(Source：CoinDesk)