Crypto News, according to a tweet by Michaël van de Poppe: Bitcoin recently decoupled from all other asset classes, experiencing one of the largest crashes in history, with market sentiment comparable to the FTX collapse, COVID-19 pandemic crash, or Bitcoin hard fork periods. Many investors and traders are looking for the cause of the plunge, with some suggesting it is mainly due to the marginal impact of gold's rise. When gold rises, large asset management firms need to reassess their overall risk appetite and hedge the volatility of their underlying investment portfolios. Since Bitcoin and gold compete for the same market share, often held by the same institutions and more volatile, if gold's volatility increases, Bitcoin needs to be sold to hedge against gold's upward risk; if gold's volatility decreases and the upside risk is covered, funds will rotate into Bitcoin.