On July 24th, according to data tracked by Trading View and MacroMicro, the copper-to-gold ratio (representing the market price of each pound of copper divided by the market price of each ounce of gold) has fallen by more than 8% this month, reaching its lowest level since November 2020. This indicator reflects investors' preference for risk and growth-sensitive assets such as technology stocks and Bitcoin (relative to safe-haven assets such as gold and US Treasuries). In the chart explanation, Macro Micro stated, "As the global economy expands, the copper-to-gold ratio rises and the stock market also rises. When economic uncertainty increases, demand for gold as a hedge increases and this ratio decreases." In short, if this indicator falls, Bitcoin may experience downward fluctuations.