According to CryptoQuant, the correlation between bitcoin and gold has turned sharply negative of late, with gold recently hitting new record highs above $2,500 an ounce, while bitcoin is down and now sits more than 20% below its all-time high above $73,000 set in March. The move back into gold and out of bitcoin comes as U.S. stocks struggle, with the S&P 500 down 3.6% since Aug. 30.
