Bitfinex report: Bitcoin acts more as a risk asset than a store of value

Odaily News Bitfinex reported that Bitcoin prices stagnated in the $91,000 to $102,000 range, entering a consolidation phase that lasted more than 75 days. However, this long period of range-bound volatility reflects the growing maturity of Bitcoin as an asset, with its annualized realized volatility falling to its lowest level ever. Despite this, Bitcoin remains sensitive to macroeconomic developments, especially when Trump announced tariffs on Mexico and Canada, which caused a sharp drop in prices. Recent trends suggest that BTC is increasingly being viewed as a risk asset rather than a pure store of value. Its correlation with the S&P 500 remains strong, while its correlation with gold has weakened. Bitfinex expects Bitcoin's range-bound volatility to continue in the near term and could face downward pressure if macroeconomic conditions deteriorate. However, despite the continued rise in gold and changes in institutional sentiment toward Bitcoin, the narrative of Bitcoin as a store of value remains intact in the long run.