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 investors. Two key signals indicate this:

• Bitcoin ETFs have retreated $5.1 billion from their all-time highs.
• Since October, large investors have been continuously selling Bitcoin.

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

Bitcoin is currently about 30% away from its all-time high, and its correlation with the Nasdaq has been gradually weakening 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 is moderate, it could boost market expectations of a shift towards easing by the Federal Reserve, thereby providing upward momentum for Bitcoin.