Kinesis Gold

Gold

April

Bitcoin is starting to act as a store of value during times of “US-risk-off” sentiment, marking a potential shift in its relationship with traditional assets, according to the New York Digital Investment Group.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null">BTC</a>) felt “noticeably different” over the trading week ended April 25, NYDIG’s global head of research Greg Cipolaro <a href="https://viewemail.nydig.com/bitcoin-decouples-tentatively" rel="noopener noreferrer nofollow" target="null">said</a> in an April 25 market <a href="https://viewemail.nydig.com/bitcoin-decouples-tentatively" rel="noopener noreferrer nofollow" target="null">note</a>.&nbsp;
“We’ve been observing subtle shifts in its behavior over the past few weeks,” he added. “The decoupling from traditional risk assets is still very early and fragile, but for those watching crypto markets 24/7, the shift is palpable.”
<blockquote>
 “Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is.”
</blockquote>
Cipolaro noted that Bitcoin has gained more than 13% since the beginning of April, while US markets such as the S&amp;P 500 and tech-heavy Nasdaq have declined amid escalating global trade tensions due to US President Donald Trump’s tariffs.
He added that the US dollar and long-term US Treasurys have also underperformed since the election and Trump’s April 2 “<a href="https://cointelegraph.com/news/trump-liberation-day-climax-uncertainty-crypto-market-recovery" rel="noopener noreferrer nofollow" target="null">Liberation Day</a>” tariff announcements, which lumped every country with various rates, the minimum being 10%.
Gold and currencies such as the Swiss franc have been consistent winners as safe havens, Cipolaro said, noting that Bitcoin is emerging as a non-sovereign store of value.
Amid <a href="https://cointelegraph.com/news/rare-market-volatility-signal-points-to-higher-bitcoin-price-in-6-to-12-months-dan-tapiero" rel="noopener noreferrer nofollow" target="null">surging volatility</a> in equities, measured with the VIX index, foreign exchange rates (CVIX index), and interest rates and bonds (MOVE index), investors have been on the hunt for these <a href="https://cointelegraph.com/explained/is-bitcoin-the-new-safe-haven-during-trade-wars" rel="noopener noreferrer nofollow" target="null">safe haven assets</a>.&nbsp;
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-04/01967a6f-c7a9-7efa-b732-97cd8434f5bb" title="" alt="Bitcoin acts like ‘store of value that it is’ amid Trump policy chaos: NYDIG">
 <figcaption style="text-align: center;">
 Several asset classes have recently seen high volatility. Source: <a href="https://viewemail.nydig.com/bitcoin-decouples-tentatively" rel="noopener noreferrer nofollow" target="null">NYDIG</a>
 </figcaption>
</figure>
Cipolaro said investors are also seeking alternatives to US hegemony, whether that is stocks, bonds, forex, or commodities.&nbsp;
<h2 id="few-large-liquid-options">Few large liquid options</h2>
However, Cipolaro said investors seeking alternatives outside traditional financial systems have few large, liquid options.
Gold remains the largest non-sovereign store of value at around a $22 trillion market cap, while Bitcoin has just a fraction of that at $1.8 trillion.&nbsp;
Related: <a href="https://cointelegraph.com/news/new-bitcoin-price-all-time-highs-could-occur-in-may-here-is-why" rel="noopener noreferrer nofollow" target="null">New Bitcoin price all-time highs could occur in May — Here is why</a>
Additionally, Bitcoin is the only top crypto asset listed that “solely focuses on monetary or store of value use cases,” while the others are better described as the fuel for decentralized application platforms, he said.&nbsp;
Cipolaro concluded that despite Bitcoin’s recent gains, “there are few signs of the market overheating,” and the recovery is still in early stages.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-100k-price-hopes-sam-bankman-fried-prison-move-hodlers-digest/" rel="noopener noreferrer nofollow" target="null">Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest</a>

Bitcoin acts like ‘store of value that it is’ amid Trump policy chaos: NYDIG

Table of Contents

Cointelegraph

Other articles published on Apr 28, 2025

Join our free newsletter for daily crypto updates!