Bitcoin acts like ‘store of value that it is’ amid Trump policy chaos: NYDIG

Bitcoin is starting to act as a store of value during times of “US-risk-off” sentiment, marking a potential shift in its relationship with traditional assets, according to the New York Digital Investment Group.
Bitcoin (BTC) felt “noticeably different” over the trading week ended April 25, NYDIG’s global head of research Greg Cipolaro said in an April 25 market note.
“We’ve been observing subtle shifts in its behavior over the past few weeks,” he 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.”
“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 noted that Bitcoin has gained more than 13% since the beginning of April, while US markets such as the S&P 500 and tech-heavy Nasdaq have declined amid escalating global trade tensions due to US President Donald Trump’s tariffs.
He added that the US dollar and long-term US Treasurys have also underperformed since the election and Trump’s April 2 “Liberation Day” tariff announcements, which lumped every country with various rates, the minimum being 10%.
Gold and currencies such as the Swiss franc have been consistent winners as safe havens, Cipolaro said, noting that Bitcoin is emerging as a non-sovereign store of value.
Amid surging volatility in equities, measured with the VIX index, foreign exchange rates (CVIX index), and interest rates and bonds (MOVE index), investors have been on the hunt for these safe haven assets.
Cipolaro said investors are also seeking alternatives to US hegemony, whether that is stocks, bonds, forex, or commodities.
Few large liquid options
However, Cipolaro said investors seeking alternatives outside traditional financial systems have few large, liquid options.
Gold remains the largest non-sovereign store of value at around a $22 trillion market cap, while Bitcoin has just a fraction of that at $1.8 trillion.
Related: New Bitcoin price all-time highs could occur in May — Here is why
Additionally, Bitcoin is the only top crypto asset listed that “solely focuses on monetary or store of value use cases,” while the others are better described as the fuel for decentralized application platforms, he said.
Cipolaro concluded that despite Bitcoin’s recent gains, “there are few signs of the market overheating,” and the recovery is still in early stages.
Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest
Bitcoin (BTC) $ 108,640.00
Ethereum (ETH) $ 2,629.80
Tether (USDT) $ 1.00
XRP (XRP) $ 2.30
BNB (BNB) $ 683.88
Solana (SOL) $ 173.60
USDC (USDC) $ 0.999776
Dogecoin (DOGE) $ 0.222287
Cardano (ADA) $ 0.753150
TRON (TRX) $ 0.275195
Lido Staked Ether (STETH) $ 2,627.29
Wrapped Bitcoin (WBTC) $ 108,292.00
Sui (SUI) $ 3.69
Hyperliquid (HYPE) $ 35.34
Wrapped stETH (WSTETH) $ 3,163.44
Chainlink (LINK) $ 15.83
Avalanche (AVAX) $ 23.21
Stellar (XLM) $ 0.286525
LEO Token (LEO) $ 9.06
Shiba Inu (SHIB) $ 0.000014
Bitcoin Cash (BCH) $ 416.89
Hedera (HBAR) $ 0.185107
Toncoin (TON) $ 3.09
WETH (WETH) $ 2,628.34
Litecoin (LTC) $ 95.74
USDS (USDS) $ 0.999937
Polkadot (DOT) $ 4.52
Wrapped eETH (WEETH) $ 2,807.90
Monero (XMR) $ 342.00
Bitget Token (BGB) $ 5.32
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999869
Pepe (PEPE) $ 0.000014
Pi Network (PI) $ 0.736892
Ethena USDe (USDE) $ 1.00
Coinbase Wrapped BTC (CBBTC) $ 108,670.00
WhiteBIT Coin (WBT) $ 31.79
Uniswap (UNI) $ 6.87
Aave (AAVE) $ 268.46
Bittensor (TAO) $ 443.11
Dai (DAI) $ 0.999845
NEAR Protocol (NEAR) $ 2.83
Aptos (APT) $ 5.30
Jito Staked SOL (JITOSOL) $ 209.31
OKB (OKB) $ 52.06
Tokenize Xchange (TKX) $ 37.55
Ondo (ONDO) $ 0.940430
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
Cronos (CRO) $ 0.097316
Ethereum Classic (ETC) $ 18.55
Internet Computer (ICP) $ 5.28
Ethena Staked USDe (SUSDE) $ 1.17
Kaspa (KAS) $ 0.103151
Official Trump (TRUMP) $ 12.67
Gate (GT) $ 20.76
Mantle (MNT) $ 0.722961
VeChain (VET) $ 0.027467
Render (RENDER) $ 4.47
Artificial Superintelligence Alliance (FET) $ 0.876410
Ethena (ENA) $ 0.392280
sUSDS (SUSDS) $ 1.05
USD1 (USD1) $ 1.00
Cosmos Hub (ATOM) $ 4.72
Worldcoin (WLD) $ 1.35
POL (ex-MATIC) (POL) $ 0.228445
Lombard Staked BTC (LBTC) $ 107,862.00
Arbitrum (ARB) $ 0.402174
Filecoin (FIL) $ 2.84
Fasttoken (FTN) $ 4.43
Algorand (ALGO) $ 0.218831
Jupiter (JUP) $ 0.611638
Quant (QNT) $ 119.40
Celestia (TIA) $ 2.59
First Digital USD (FDUSD) $ 0.998476
Jupiter Perpetuals Liquidity Provider Token (JLP) $ 4.63
Binance-Peg WETH (WETH) $ 2,635.95
Virtuals Protocol (VIRTUAL) $ 2.42
Bonk (BONK) $ 0.000020
Binance Staked SOL (BNSOL) $ 183.13
Injective (INJ) $ 15.11
KuCoin (KCS) $ 11.35
Sonic (prev. FTM) (S) $ 0.437945
Fartcoin (FARTCOIN) $ 1.35
Stacks (STX) $ 0.869516
Kelp DAO Restaked ETH (RSETH) $ 2,750.89
Optimism (OP) $ 0.755527
NEXO (NEXO) $ 1.25
Rocket Pool ETH (RETH) $ 2,988.50
USDT0 (USDT0) $ 0.999665
Flare (FLR) $ 0.018728
Story (IP) $ 4.37
Sei (SEI) $ 0.223402
EOS (EOS) $ 0.767082
Immutable (IMX) $ 0.628887
dogwifhat (WIF) $ 1.09
XDC Network (XDC) $ 0.066090
The Graph (GRT) $ 0.109350
Solv Protocol BTC (SOLVBTC) $ 108,596.00
Curve DAO (CRV) $ 0.755349
Binance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999396
Mantle Staked Ether (METH) $ 2,803.49