Market Correlation - Bitcoin is considered a risk asset, behaving like a leveraged version of the NASDAQ rather than a risk-off asset [1] - The correlation between the total crypto market cap and gold is low, measured at only 23% [1] - Bitcoin's trading pattern aligns more closely with the NASDAQ than with gold [3] Comparative Analysis - Bitcoin's performance doesn't mirror gold's; historically, Bitcoin topped when gold broke out in 2019 [2] - The narrative of Bitcoin as "digital gold" implying a positive correlation with gold's performance doesn't hold true in reality [2]

The global markets are moving through one of the most confusing environments in recent memory. While equities and gold both set fresh all time highs, Bitcoin stumbled in the wake of a major liquidation event. Scott Melker and Jeff LaBerge, head of capital markets at Bitdeer, explored how Bitcoin fits into this cross asset puzzle and whether it is finally evolving beyond its risk asset label. Following recent rate cuts, many traders expected a broad rally in risk assets. Instead, the crypto market saw a 1. ...