Key Takeaway:
- Bitcoin behaving like liquidity-sensitive risk asset, not classical safe haven.
- Correlations shifted from gold toward growth equities, per recent Grayscale research.
- Portfolios treating Bitcoin as hedge may face equity-like drawdowns in selloffs.
The “digital gold” narrative is being reassessed as gold and Bitcoin move in different directions and respond to different drivers. In recent months, Bitcoin has traded more like a liquidity-sensitive risk asset than a classical safe haven. That shift matters for investors who differentiated Bitcoin from equities on the basis of scarcity and store-of-value claims.
According to Grayscale Research, Bitcoin’s short-term behavior has aligned more closely with growth equities, particularly software and tech, than with precious metals. The report notes that correlations with gold have weakened as equity linkages strengthened. Separately, Deutsche Bank strategist Marion Laboure has said Bitcoin has decoupled from gold, citing volatility, ETF flow dynamics, and policy uncertainty as prevailing headwinds.
In practical terms, portfolios that treated Bitcoin as a hedge against macro stress may experience equity-like drawdowns during risk-off episodes. Conversely, periods of abundant liquidity can still support Bitcoin’s price even when gold rallies on safe-haven demand. The long-term scarcity thesis remains debated, but the current market regime favors a growth-asset framing over a safe-haven one.
Correlation measures how two assets move together; a positive reading implies they rise or fall in tandem, while a negative reading indicates they move in opposite directions. Recent readings suggest Bitcoin and gold have diverged, reflecting different macro sensitivities. Earlier research tying Bitcoin to equity factors helps explain why equities and Bitcoin can weaken together even as gold advances.
“Bitcoin has entered a ‘not digital gold’ period,” said Ki Young Ju, CEO of CryptoQuant, noting that the 90-day correlation with gold flipped negative around minus 0.5. He added that gold has been rising while Bitcoin has tracked risk-sensitive assets, undermining safe-haven claims in the near term.
JPMorgan analysts have argued the digital-gold narrative is weakening, pointing to spot Bitcoin ETF outflows and persistent volatility as key drags on the safe-haven perception. They note that, in contrast, rising gold prices suggest traditional precious metals are currently fulfilling store-of-value roles more effectively. This framing is consistent with a market regime where liquidity and risk appetite, rather than scarcity alone, guide Bitcoin’s short-term path.
At the time of this writing, Bitcoin trades near $63,072, and recent readings show elevated realized volatility. These datapoints align with the view that Bitcoin is behaving more like a high-beta risk asset than a defensive store of value in the current environment.
Disclaimer:
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