Bitcoin Left Out of Risk-Asset Rotation as US Consumer Gloom Deepens

Forecast Trend Report by Period

US consumer sentiment has slumped to a record low even as stocks continue to set fresh highs, but Bitcoin is being left out of the broader flow into risk assets, according to Glassnode.

The on-chain analytics platform said on Aug. 17 that US consumer confidence has fallen to its lowest level on record while the stock market keeps reaching new highs, underscoring a clear divergence between the two indicators.

Consumer confidence tracks how positively or negatively households view current and future economic conditions. While weakening sentiment would typically weigh on demand for risk assets, recent moves in financial markets suggest otherwise.