Crypto
Bitcoin Correlation with Gold Surges Amid Macro Risks
Bitcoin's correlation with gold has spiked due to macroeconomic risks, while Shiba Inu's (SHIB) whale presence has shrunk to just 0.04% of all wallets.
The 90-day correlation between Bitcoin and gold has reversed from -0.9 to +0.7 according to CryptoQuant, with CEO Ki Young Ju stating that the era of 'digital gold' is returning.
However, Bloomberg Intelligence senior analyst Mike McGlone disagrees, suggesting that assets should be valued not in dollars but in ounces of gold, and that Bitcoin's price may decline further in the second half of the year.
The Shiba Inu (SHIB) token has seen a decrease in whale positions, with 736 addresses controlling only 0.04% of wallets while retaining 94.57% of the supply.