Analysis: The copper-to-gold ratio fell to its lowest level since November 2020 this month, and Bitcoin may see downward fluctuations

On July 24th, according to data tracked by Trading View and MacroMicro, the copper-to-gold ratio (representing the market price of each pound of copper divided by the market price of each ounce of gold) has fallen by more than 8% this month, reaching its lowest level since November 2020. This indicator reflects investors' preference for risk and growth-sensitive assets such as technology stocks and Bitcoin (relative to safe-haven assets such as gold and US Treasuries). In the chart explanation, Macro Micro stated, "As the global economy expands, the copper-to-gold ratio rises and the stock market also rises. When economic uncertainty increases, demand for gold as a hedge increases and this ratio decreases." In short, if this indicator falls, Bitcoin may experience downward fluctuations.