The bitcoin-gold ratio has recently dropped to its lowest level since November 14, currently sitting at 34, following a 15.4% decline since mid-December when it peaked above 40. This decline is occurring as gold prices have surged nearly 10% this year, reaching a record high of $2,877 per ounce. The rise in gold prices is attributed to safe-haven demand amidst fears of a U.S.-China trade war, leading to significant increases in physical gold deliveries. Notably, JPMorgan is set to deliver $4 billion worth of gold to New York this month, a reflection of the strong demand. In comparison, Bitcoin's spot ETF inflows have been driven mainly by arbitrage strategies, rather than speculative buying, which could dilute their impact on Bitcoin's price. Traders continue to load U.S.-bound planes with gold, indicating a shift towards this traditional safe-haven asset amid ongoing economic uncertainties.

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