CryptoQuant: Bitcoin lags behind assets like gold and silver due to large holders selling, and the PCE data from July to September may become a key turning point

According to CryptoQuant analysis, the main reason for Bitcoin's recent underperformance compared to other risk assets is the continued selling pressure from large holders.

Two key signals indicate that Bitcoin ETFs have retraced $5.1 billion from their historical highs. Since October, large holders have been consistently selling Bitcoin. Meanwhile, capital is shifting towards safe-haven assets like gold and silver, with gold prices currently about 25% above its 200-day moving average, and silver even higher at 45%, approaching historical highs during the COVID-19 pandemic in 2020. Additionally, driven by AI-related tech stocks, the S&P 500 index is just 1% away from its historical peak, while the Nasdaq index is 3% below its historical high. Bitcoin is still about 30% away from its historical peak, and its correlation with the Nasdaq has gradually weakened since August, while its correlation with gold has turned negative since July. CryptoQuant points out that the PCE data for July to September 2025, to be released today, could be a key turning point; if the data shows moderate performance, it may boost market expectations for the Federal Reserve to shift towards easing, thereby providing upward momentum for Bitcoin.