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.

Unholy Seer and Prophet of the Void | Mini-app Developer | https://paragraph.com/@euchologiaeinanis

1) built up immunity to market shenanigans
2) decentralized
3) more positive legislative outlook with the new US administration

I feel the double edged sword of wider adoption is at play. So many retail investors now that believe all investments as equal. Almost everything has positive correlations these days (bonds, GLD included.)

Maybe a VIX coin is in order. Commodities are still weird though (in a bad way, in my mind… see below)

It's easier to manipulate and obfuscate who holds what. And right now, with crypto folks having quite a lot of sway in the government of the world's reserve currency there can be all kinds of games afoot.

Simple, crypto people already priced in their risk and fled to stables at the first sign of weakness in Feb. Everyone still hodling is a diehard or a bag holder. 

Also, if you're an international looking for a replacement for the US dollar now that Triffin stimmies are on hiatus, crypto looks pretty nice

Because there are layers to crypto. There are capitalists and businesses milking it for profit. Developers and superfans using it as a full on living ecosystem abandoning traditional methods for crypto based tech. Casual investors and tech enthusiasts bolster moments of extreme growth and tech advancement.

There’s always many different angles holding up the infrastructure of what makes the core of the technology work. The only thing that makes anyone lose is when they try to play the game with the corporations who are manipulating the market to make the most profits and not just using it for what it is.

We all know it's just saylors bid wall xD

There’s no Tariff’s on crypto. None. Zero. Don’t overthink it

Markets hate uncertainty.

Changes to trade policy can happen with a single signature. The BTC protocol, not so much.

It’s been dumping for a while while others were pumping so I guess it reached its bottom of retracment while the others are just going there.

Crypto front-ran these problems weeks ago. It’s the canary in the coal mine and already faced its correction.