The ratio between Bitcoin’s USD price and gold’s per ounce dollar price has dropped to 34, the lowest since November 14, 2023. Gold has surged nearly 10% this year, reaching a record price of $2,877 per ounce. This surge is attributed to safe-haven demand amid escalating U.S.-China trade tensions. The trade war has led to a significant increase in physical gold deliveries to the U.S., with JPMorgan planning to deliver $4 billion worth of gold bullion to New York this month. Meanwhile, Bitcoin struggles to gain traction, with the ratio down 15.4% since hitting a peak above 40 in mid-December. Inflows into U.S.-listed spot Bitcoin ETFs have been primarily from traders engaging in non-directional arbitrage bets, with $4 billion in inflows since the release of inflation data three weeks ago.
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