CryptoQuant: Bitcoin Lags Behind Gold and Silver Due to Large Holder Sell-Offs; PCE Data from July to September May Be a Key Turning Point

PANews reported on December 23 that, 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:

• Bitcoin ETFs have pulled back $5.1 billions from their historical highs.
• Since October, large holders have been continuously selling bitcoin.

Meanwhile, capital is shifting toward safe-haven assets such as gold and silver. Gold prices are now about 25% above their 200-day moving average, while silver is up 45%, approaching the historical highs seen during the COVID-19 pandemic in 2020. In addition, driven by AI-powered tech stocks, the S&P 500 index is just 1% below its all-time high, and the Nasdaq index is 3% below its historical high.

Currently, bitcoin is still about 30% below its all-time high, and its correlation with the Nasdaq has gradually weakened since August, while its correlation with gold has turned negative since July. CryptoQuant pointed out that the PCE data for July to September 2025, to be released today, could be a key turning point. If the data is moderate, it may boost market expectations for a dovish shift by the Federal Reserve, thereby providing upward momentum for bitcoin.