Bitcoin Outperforms Gold and Stocks: Is Capital Rotating?
Bitcoin has outperformed gold and US stocks since early March, suggesting a potential capital rotation into risk assets.Summary
Market data indicates that since early March, Bitcoin has outperformed both gold and US equities, even amidst escalating Middle East tensions. Analysts, like André Dragosch of Bitwise, suggest this signals the early stages of a capital rotation away from 'stretched safe-haven assets' into risk assets like Bitcoin. While gold prices have fallen following attacks on Iran, Bitcoin recovered from $65,000 to $75,000. Furthermore, historical patterns suggest Bitcoin's rally could continue for months if gold has already peaked. Bitwise also noted that Bitcoin's performance often lags gold's peak by four to seven months. Internally, Bitcoin market signals are improving: the Inter-Exchange Flow Pulse (IFP) has turned bullish, indicating structurally positive liquidity flows, and the Coin Days Destroyed Multiple (CDD Multiple) is at a low, showing strong conviction among long-term holders. This confluence of external geopolitical performance and improving internal dynamics supports the hypothesis of a capital shift toward Bitcoin.
(Source：BeInCrypto)