It’s a pivotal moment for bitcoin. The big question is: are people going to continue to treat it as a risk asset, or are they going to start viewing it more as a true “digital gold” independent store of value? 

Since 2020, BTC (and crypto in general) has been highly correlated with tech stocks, signaling investors have been basically treating it as a risk asset. But of course that’s counter to the common narrative that bitcoin is “digital gold.”

This is important because gold and tech stocks have been going in very different directions recently. If BTC is more like gold, it should be holding strong. But if it’s more like a tech stock, it should continue to crash with the rest of the market.

It’s also important because the macroeconomic significance of gold is potentially shifting, largely thanks to Trump’s tariff policy.

More info here: 

https://x.com/CryptoHayes/status/1908410144184295455

A chart to watch: BTC returns compared to gold and tech stocks (QQQ)

building @emptyblock / art, music, onchain data / prev director of research @coinmetrics

data source:

https://app.artemis.xyz/home