U.S. Consumer Confidence Hits Lowest Level, No Inflows into Bitcoin

Glassnode pointed out on the 17th that the U.S. Consumer Confidence Index has fallen to its lowest level on record. While the stock market continues to reach new highs, funds are flowing out of cash into stocks, AI-related stocks, and commodities due to weak consumer sentiment, leaving Bitcoin (BTC) almost sidelined in this shift of funds. The S&P 500 index rose to 7,814.88 points in mid-August, marking the first time it closed above 7,800 points. In the commodities market, gold prices surged to $4,397, recording a 9.75% increase over the past month and a 32.00% increase compared to the same period last year, driven by expectations of slowing inflation and increased purchases by central banks. Since August, BTC has been fluctuating in the range of $63,500 to $65,000, and as of the 17th, it remains within this range. While the stock market is trading at high levels, BTC's price movements are stagnant.

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