On July 24th, according to data tracked by Trading View and MacroMicro, the copper-to-gold ratio (which represents the market price per pound of copper divided by the market price per ounce of gold) fell by more than 8% this month, reaching its lowest level since November 2020. The indicator reflects investor preference for venture and growth-sensitive assets such as technology stocks and bitcoin (versus safe-haven assets such as gold and U.S. Treasuries). Macro Micro said in an explanation of the chart, "As the global economy expands and the copper-to-gold ratio rises, so will the stock market. When economic uncertainty increases, demand for gold for hedging rises and the ratio falls." In short, if this indicator falls as a reference, Bitcoin may experience downward fluctuations.