Bitcoin's risk-adjusted returns weakened significantly in February, causing it to behave more like a major stock index rather than a safe-haven asset like gold. Risk-adjusted returns measure an asset's profitability relative to its price swings, and a higher ratio suggests strong returns with lower volatility. Despite its correlation to gold decreasing, Bitcoin is still considered uncorrelated to the metal. This shift in behavior could impact Bitcoin's appeal to institutional investors, who prefer assets with favorable risk-reward profiles.



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