Does anyone have a good theory for why crypto is weathering this market crash so well?

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

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

Yeah, it's just hard to accept "digital gold" as a theory when even gold right now isn't being treated like gold.

Yeah I hear you. Everything is pretty upside down right now. 

Still definitely need some more time to see if the digital gold theory is actually playing out this time or if it’s just another head fake