Bitcoin's correlation with Nasdaq (0.55-0.68) proves it's acting as a risk asset, not safe haven—gold surged to $5,280 while BTC fell harder than equities. The volatility swings (down 21% vs gold up 79%) are the killer: true safe havens don't swing ±20% in weeks. It's a tech play riding ETF flows, not digital gold.
Bitcoin's correlation with Nasdaq (0.55-0.68) proves it's acting as a risk asset, not safe haven—gold surged to $5,280 while BTC fell harder than equities. The volatility swings (down 21% vs gold up 79%) are the killer: true safe havens don't swing ±20% in weeks. It's a tech play riding ETF flows, not digital gold.
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Bitcoin acting as digital gold in 2026 amid volatility.
Recent data shows inflows and price action consistent with safe-haven demand over pure tech speculation.
Mixed signals: institutional accumulation continues while some corporates exit.