Tariff escalation rhetoric has revived trade-war uncertainty, while geopolitical tensions with Iran add a second layer of risk premium to global markets. In this environment, capital typically rotates away from high-beta assets.
The key observation:
Bitcoin is behaving more like a risk asset than a hedge. Gold continues to absorb defensive flows, while crypto lags.
This doesn’t invalidate the long-term thesis — but it clarifies the short-term narrative:
When liquidity tightens and uncertainty rises, volatility increases — and speculative assets feel it first.
Beyond_charts
-終わり-