The gold-to-bitcoin ratio has dropped to its lowest level since November 14, 2023, as gold continues to be seen as a safe haven asset during the ongoing US-led trade war. Gold's price has surged nearly 10% year-to-date and reached a record high of $2,877 per ounce, driven by safe-haven demand. Traders have been loading US-bound planes with gold, and JPMorgan plans to deliver $4 billion of gold bullion to New York. In contrast, Bitcoin struggles to gain upside traction, and inflows into US-listed spot Bitcoin ETFs are primarily from traders engaging in non-directional arbitrage bets. This has dampened any significant price impact on Bitcoin from the ETF buying.



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