This should be Bitcoin’s moment to prove itself as a safe haven asset.
US tariffs and underwhelming job figures, war in Europe and the Middle East, and political turmoil in France have ramped up macroeconomic uncertainty this week.
But as gold hits record highs, Bitcoin remains glued to the tech-heavy Nasdaq 100.
“Bitcoin’s correlation regime remains tied to risk-on assets,” analysts at Ecoinometrics, the crypto research firm, noted on X on Monday.
In short, Bitcoin’s still trading like a tech stock rather than a form of digital gold. The so-called “decoupling" hasn’t manifested.
Meanwhile, Bitcoin’s correlation with gold — the asset Bitcoin is supposed to replace — remains near zero.
Bitcoin also shows virtually no correlation with Treasury bonds, an asset that has been traditionally considered to be the safe haven during market stress, according to Ecoinometrics.
Ethereum tells the same story, maintaining an even tighter correlation with risk assets than Bitcoin.