[Analysis] "Gold and Bitcoin, flow completely changed after large-scale liquidation on October 10"
Summary
- It analyzed that after the US$19.2 billion crypto asset market liquidation on October 10, the price flows of gold (Gold) and Bitcoin (BTC) completely changed.
- It stated that over the past month, gold recorded a return advantage of 25% points over Bitcoin.
- It concluded that a structural change occurred in the market after the October 10 liquidation, and that leverage and liquidations are the key.
After the large-scale crypto asset market liquidation on October 10, an analysis suggested that the price flows of gold (Gold) and Bitcoin (BTC) began to clearly diverge.
On the 17th (local time), Kobeissi Letter analyzed via X, "Since the US$19.2 billion crypto asset market liquidation that occurred on October 10, the directions of gold and Bitcoin have been moving in exactly opposite directions over the past month. This suggests a sign of structural shift".
It continued, "Over the past month, gold recorded a return advantage of 25% points over Bitcoin. This contrasts with the 'high positive correlation' between the two assets that had persisted throughout this year," adding, "Something changed after the October 10 liquidation, and the market has not recovered since. Ultimately, leverage and liquidations are the key."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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