Analysis: Bitcoin outflows did not benefit gold, and both assets were under pressure

PANews August 31 news, according to CryptoSlate, the trend of Bitcoin and gold ETFs this month deviates from the historical trend. The Bitcoin and gold capital flows do not flow in the opposite direction as they usually do, but flow out at the same time. Data shows that Bitcoin ETF has experienced capital outflows for six consecutive days, with nearly US$2 billion flowing out at the end of August alone. At the same time, the outflow of capital outflows of major gold ETFs such as GLDM has also increased significantly, with US$449 million flowing out in just one week. This rare simultaneous capital outflow reflects the changes in the current macroeconomic environment and investor psychology, that is, Bitcoin's capital outflow does not bring benefits to gold, and both assets will face pressure before the Federal Reserve clarifies its policy path.