Crypto bulls who have theorized that bitcoin can't begin rising until money flows out of red-hot precious metals are about to find out if they were correct.

Thursday's decline showed that, despite hopes for being a macro hedge, bitcoin continues to trade like the riskiest of risk assets when markets turn lower.

Soaring to $5,600 at one point earlier on Thursday, gold quickly pulled back to below the $5,200 level in U.S. morning trade.