More evidence of a structural shift in crypto: Since the -19.2 billion crypto liquidation on October 10th, Gold and Bitcoin have moved in opposite directions. Gold has outperformed Bitcoin by +25 percentage points in 1 month. This comes after months of a high positive correlation, with strong inflows into crypto and gold. Something shifted after the October 10th liquidation event, and the market hasn't recovered since. It's all about leverage and liquidations.(The Kobeissi Letter)