The crypto comeback: Why bitcoin is rising even as the S&P 500 and tech stocks stumble
Bitcoin has outperformed stocks and gold since the Middle East conflict began, rising while other major assets declined.Summary
Despite a rough start to the year, Bitcoin has unexpectedly outperformed major global assets since the conflict in the Middle East involving Iran, Israel, and the U.S. began over a week ago. Bitcoin rose about 3.5% to $68,000, contrasting sharply with gold's 5% drop, silver's 12% decline, and losses in the Nasdaq 100 and S&P 500. This divergence occurred even as oil prices surged before retreating and the U.S. dollar strengthened. Although Bitcoin still shows correlation with tech stocks, derivative market signals suggest stabilization, with declining open interest in coin-margined futures. Furthermore, the return of the Coinbase premium and spot ETF inflows indicate that U.S. institutional demand may be returning at these oversold levels, catching the consensus off guard after a significant prior sell-off.
(Source：CoinDesk)