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Bitcoin slips to a one-week low as gold demand lifts safe havens

Retail inflows into NYSE Arca-traded GLD reached $50 million on Aug. 5, while US spot bitcoin ETFs saw a combined $244.4 million inflow that day.

Reported · Written up by our desk · Market Structure

Bitcoin fell to a one-week low near the start of the Wall Street session as investors rotated toward gold, according to Cointelegraph. The shift in risk appetite pushed the precious metal to nine-week highs, with US prices reaching $4,435 per ounce on Tuesday, the highest level since June 5.

Cointelegraph reported that BTC/USD dropped back below $64,000 after losing momentum in a low-timeframe rebound, and the pair ended Monday down 1.5%. The outlet tied the broader caution in crypto and markets to concerns around the US-Iran war and an impasse over reopening the Strait of Hormuz oil route, with oil rising about 5% and US stocks tracking sideways.

Retail buying showed up in gold-focused products, Cointelegraph said. The NYSE Arca-traded SPDR Gold Shares (GLD) attracted $50 million in daily retail inflows on Aug. 5, the highest single day since mid-March, bringing total inflows to $637 million that day, while US spot bitcoin ETFs recorded a combined $244.4 million inflow.

Cointelegraph also cited data pointing to a renewed linkage between bitcoin and gold. On a 90-day rolling basis, bitcoin retained a positive correlation to gold, with CryptoQuant saying the BTC-gold correlation returned to “digital-gold-era” levels.

Latest closeGold $4,157.80 ▲0.4%|Bitcoin $81,906.63 ▼1.4%

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