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Bitcoin Rides Gold’s Coattails as Inflows Slow Amid Price Rally
Bitcoin has been surging ahead of gold in recent days, with its price racing higher and higher. The cryptocurrency tends to outperform during the final stages of “euphoric bull runs,” according to Kuiper, but it is also driven by the same market forces that affect gold.
However, inflows into gold ETFs have been slowing down amid the price rally, according to ByteTree founder Charlie Morris. He noted that gold trades at an all-time high, but flows are slowing. In the meantime, Bitcoin may have seen the worst, he added.
Meanwhile, the fact that Bitcoin ETFs have recorded 10 consecutive days of positive flows might provide some comfort for bulls amid another price correction.
It’s worth noting that even if Bitcoin does collapse to $10K, it wouldn’t be a total loss for investors.
Source: https://u.today/schiff-bitcoin-btc-to-collapse-to-10k
