Market Cap
$1.47T
24h Volume
$41.44B
Dominance
57.7%
How Bitcoin fits into the macro picture
Bitcoin is trading as a risk asset amid institutional de-risking ahead of today's PCE inflation data. The correlation with traditional risk assets remains elevated at 0.48 with the S&P 500 over 90 days, while Bitcoin's relative weakness versus gold (-0.90% today) suggests the monetary premium thesis is losing institutional support. JPMorgan's note on cooling debasement trades coincides with potential Iran-US diplomatic progress, reducing geopolitical risk premiums that previously supported Bitcoin and gold flows.
Bitcoin underperformed both equities and gold today, declining 1.05% while the S&P 500 gained 0.58% and gold fell only 0.15%, indicating Bitcoin is behaving more like a leveraged risk asset than a monetary hedge.
| Asset | 24h | YTD | BTC Edge |
|---|---|---|---|
| SPX | +0.58% | +9.00% | -27.07% |
| QQQ | +0.84% | +18.28% | -36.35% |
| XAU | -0.15% | -4.00% |
US spot Bitcoin ETFs recorded $596 million in outflows with IBIT posting near-record withdrawals. This institutional selling pressure has turned year-to-date ETF flows negative, signaling a material shift away from the persistent allocation that supported Bitcoin's institutional adoption narrative through early 2025.
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| -14.07% |
| DXY | -0.02% | +2.07% | -20.13% |
| ETH | -0.28% | -17.74% | -0.33% |
| SOL | +0.12% | -21.99% | +3.93% |
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