Bitcoin Is Not A Safe Haven

How Bitcoin and Gold React Differently to Market Stress

If you still thought Bitcoin was a safe haven, this risk-off sequence should have shown you otherwise.

Even if you're not convinced, read on.

This has direct consequences on Bitcoin's behaviour when macro conditions change.

And there are early signs that conditions are indeed changing.

Let's dive in.

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Bitcoin Is Not A Safe Haven

The Takeaway

Recent market behaviour demonstrates that Bitcoin is not functioning as a safe haven asset.

While loose financial conditions drove Bitcoin from $20,000 to $110,000, this trend is reversing in early 2025. During the latest risk-off event, investors favoured gold over Bitcoin, with gold ETFs seeing strong inflows while Bitcoin ETFs faced outflows.

Our February Fund Managers Survey confirms this pattern, while Bitcoin ranks well against stocks and bonds, gold remains the preferred safe haven asset among professional investors, suggesting Bitcoin still trades more like a tech stock than digital gold.

The Financial Conditions Are Turning Against Bitcoin