An analyst from NYDIG states that Bitcoin’s decoupling from traditional assets is evident and increasingly noticeable.
According to a report from the New York Digital Investment Group (NYDIG), Bitcoin is starting to behave more like a store of value during periods of U.S. economic uncertainty.
In its market report on April 25, Greg Cipolaro, Global Head of Research at NYDIG, noted that Bitcoin exhibited “remarkably different” behavior during the trading week ending April 25.
“We’ve been observing subtle shifts in its behavior over the past few weeks,” Cipolaro 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.”
The analyst emphasized that “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.”
Cipolaro highlighted that Bitcoin gained over 13% since the beginning of April, while U.S. markets like the S&P 500 and Nasdaq suffered losses amid escalating global trade tensions due to tariffs imposed by President Trump.
He also observed that both the U.S. dollar and long-term U.S. Treasury bonds underperformed since the elections and the announcement of “Liberation Day” on April 2, when Trump imposed a minimum 10% tariff on all countries.
According to Cipolaro, investors are seeking alternatives to U.S. economic dominance, whether it be in stocks, bonds, foreign currencies, or commodities.
The NYDIG research head finally pointed out that investors looking for alternatives outside of traditional financial systems have few high-liquidity options. Gold remains the largest non-sovereign store of value with a market capitalization of around $22 trillion, while Bitcoin represents only a fraction of that sum with $1.8 trillion.
