A new report from Bitfinex suggests that Bitcoin is being treated more like a risk-on asset than a traditional store of value. The report highlights that Bitcoin's correlation with equities has strengthened while its relationship with gold has weakened, indicating its role as a risk asset rather than a store of value. Despite being positioned as "digital gold," Bitcoin has not mirrored gold's recent rally and remains primarily driven by speculative demand rather than institutional inflows. Bitcoin ETFs have contributed to broader adoption but remain volatile, with inconsistent flows. However, institutional interest in Bitcoin is increasing, indicating its evolving role as a hedge against inflation and currency devaluation. The report also notes that Bitcoin's volatility has reached an all-time low, suggesting increased maturity.



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