Bitcoin price has rallied above the US$50,000 level, taking a front seat in the race to become the favorite asset to hedge against inflation and fiat devaluation. Available data fetched by the Commodity Futures Trading Commission shows that there is a drop in hedge fund interests in gold. Analysts believe that this decline in their interest is mainly because of their shift in focus to increasing nominal yields and the prospects of a better-than-expected recovery of the US economy.

In the week ending February 9, 2021, the net long positions in Comex gold futures decreased by 1.7% to 134,733. The same data also showed a drop in the short positions of the gold futures too. It dropped by 2,191 contracts to 47,093 in the week ending February 9, 2021. During the same period, the gold price tried to go above the US$1,850 per ounce resistance level. However, the lack of upside momentum in the market made the gold prices correct in the sessions afterward.

https://medium.com/daily-highlights-crypto-analysis-news/gold-investors-turn-to-bitcoin-as-btc-price-rallies-to-us-50-000-7cd6f70fdd1b

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