Introduction
In a week marked by growing market anxiety, Bitcoin [BTC] defied its usual patterns and surged past $90,000, mirroring gold’s performance rather than U.S. stocks. While the S&P 500 dropped by 5% and the tech-heavy Nasdaq tumbled 6%, Bitcoin climbed nearly 5%, catching traders’ attention as a possible “safe haven” asset.
This decoupling is noteworthy. Historically, Bitcoin has moved in sync with equity markets during risk-on cycles. But now, its behavior suggests it may be breaking away from that trend—possibly signaling a shift in how investors view crypto during global economic turbulence.
From Risk-On to Safe Haven: A New Role for BTC ?
The shift in Bitcoin’s behavior became more evident around mid-April. Data from the 30-day BTC Pearson Correlation shows that BTC had been tightly tracking U.S. equities since February. However, that changed on April 15, when Bitcoin began diverging from the S&P 500 and instead started moving in line with gold.
This pivot suggests Bitcoin is now being seen less as a speculative asset and more like a store of value—especially in the face of macroeconomic stress. For many, this transformation places Bitcoin in the same league as gold: a hedge against uncertainty and weakening fiat currencies.
Trump-Fed Drama Fuels Market Instability
One of the main triggers behind this shift has been the ongoing tension between former President Donald Trump and the Federal Reserve. Trump’s public threats to remove Fed Chair Jerome Powell over delayed interest rate cuts have unsettled markets and raised concerns about political interference in monetary policy.
This erosion of confidence in U.S. economic leadership has pushed investors to seek safety elsewhere. Both gold and Bitcoin have benefited from this flight, with gold reaching an all-time high of $3,500 per ounce and Bitcoin rallying hard in tandem.
Experts Weigh In on BTC Breakout
Commenting on the situation, FundStrat CIO Tom Lee told CNBC :
“BTC is going to catch up to gold. Its ATH was over $100K. There’s room to catch up as a non-dollar asset.”
He believes the recent shakeout in dollar-based markets could actually help Bitcoin gain more traction moving forward.
Meanwhile, Galaxy Digital’s Head of Research Alex Thorn acknowledged the significance of Bitcoin’s detachment from equities but warned it might not last forever. Temporary decoupling, he explained, often happens during sharp macro shifts but usually realigns over time.
Looking Ahead: A Defining Moment for BTC
While Bitcoin has trailed gold for most of 2025, falling over 35% year-to-date, its recent behavior could mark the beginning of a trend reversal. As investors continue pulling out of U.S. stocks and the dollar, BTC might benefit from a broader “risk-off” rotation.
Whether Bitcoin will sustain this new role as a digital safe haven is still unclear. But as market conditions evolve and traditional assets face mounting challenges, BTC’s growing alignment with gold might just be the narrative shift crypto needed to regain momentum.
