<\/p>\n
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- On 19 October, the prices of Bitcoin and gold surged to a two-month high.<\/em><\/li>\n
- BTC\u2019s fund market premium showed increased activity from institutional investors since the month started.<\/em><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/a> and gold climbed to their highest values since August during the intraday trading session on 19 October, with BTC climbing above $28,000 and gold rallying past $1,950.<\/span><\/p>\n
\n
\ud83d\udcc8\ud83d\udcb8 With the #dollar<\/a> returning around a 2023 high, this rise in fiat value has normally had a negative impact on #crypto<\/a>. But at least with #Bitcoin<\/a>, a 2-month high was still able to be hit today. Digital gold and physical gold are moving up in tandem. https:\/\/t.co\/OJBmNP9aQF<\/a> pic.twitter.com\/EKvrJzKqXs<\/a><\/p>\n
\u2014 Santiment (@santimentfeed) October 19, 2023<\/a><\/p>\n<\/blockquote>\n
\nHow much are\u00a01,10,100 BTCs worth today<\/a>?<\/p>\n
\nAn assessment of the 30-day correlation coefficient between BTC and gold showed a significant surge in the correlation between the two assets in the last week. <\/span><\/p>\n
Whenever this happens, it means that the prices of the two assets are moving in sync. At press time, this correlation stood at 0.04, growing by over 100% in the last seven days, according to data from <\/span>IntoTheBlock<\/span><\/a>.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-08.36.09.png\")
<\/a><\/p>\nSource: IntoTheBlock<\/p>\n<\/div>\n
\nRead\u00a0Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n
\nInstitutional investors taking a peek at BTC<\/b><\/h4>\n
A notable cause of a surge in correlation between gold and BTC is an increase in institutional investments.\u00a0<\/span><\/p>\n
An assessment of BTC\u2019s Fund market premium metric revealed an uptick in institutional investor eagerness over the last week to put their money in investment assets (BTC trust) that derive their price from the coin\u2019s price movements.<\/span><\/p>\n
Fund market premium refers to the difference between the market price of a fund and its Net Asset Value (NAV). A Fund market premium can occur when investors are willing to pay more for a fund than its NAV. <\/span><\/p>\n
This could be due to several factors, such as the fund\u2019s performance, investment strategy, or overall market sentiment.<\/span><\/p>\n
In the last week, BTC\u2019s Fund market premium has increased by over 10%, according to data from CryptoQuant<\/a>.\u00a0<\/span><\/p>\n
On a month-to-date (MTD), this has rallied by 27%. This suggested a steady inflow of institutional funds into BTC investment assets, hence the growth in the coin\u2019s correlation with gold.\u00a0<\/span><\/p>\n
\nIs your portfolio green? Check out the\u00a0BTC Profit Calculator<\/a><\/p>\n
\nPrice to climb further, analyst brings good tidings<\/b><\/h4>\n
In a recent <\/span>report<\/span><\/a>, pseudonymous CryptoQuant analyst Dan Lim opined that BTC\u2019s price might witness a further rally in the current cycle.<\/span><\/p>\n
\n - BTC\u2019s fund market premium showed increased activity from institutional investors since the month started.<\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/9XCWsnM_82e793de14a760b27f047eb28febe96e67a13814d25a7de0d5031eb9c1423477.webp\")