A "capital war" is brewing, with foreign investors led by Europe accelerating the sell-off of US Treasuries, driving up yields and increasing US refinancing costs. This macro pressure is prompting capital to flow into safe-haven assets like gold, which has hit a record high, while also limiting funds flowing into Bitcoin. The BTC/gold ratio has fallen to its lowest point in two years, and the Bitcoin Coinbase premium index remains negative, indicating that despite recent market rebounds, US investors remain cautious.

BTC-0,74%
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