#数字资产市场动态 Bitcoin falls, gold rises——our understanding of "hedging" might be fundamentally wrong

The market's reaction when Trump announced tariffs on Europe was quite interesting: gold surged to a historical high, while Bitcoin instead dropped below $93,000, sinking along with other risk assets. This is not a coincidence but raises a very painful question—does Bitcoin truly have hedging properties? Or does it only seem to during times of abundant money?

Why is this happening? Three reasons are worth pondering:

**First, cash is king and beats everything**
When macro panic strikes, institutional investors react very straightforwardly: cut positions, deleverage, hold onto cash. Bitcoin, with its high liquidity and volatility, is the easiest to convert into cash. In the face of liquidity crises, all stories about "digital gold" have to take a backseat. At this moment, no one talks about asset allocation; everyone just wants to survive.

**Second, Bitcoin and tech stocks share the same DNA**
Why can gold reach historical highs? Because for thousands of years, it has been the ultimate tool against uncertainty. But Bitcoin behaves like—well, like growth stocks—in true panic. This indicates that market subconscious still treats it as a "global liquidity thermometer," not as a safe haven asset. This is not to deny Bitcoin but to admit: its volatility logic is mainly linked to economic cycles and sentiment.

**Third, geopolitics has become a new trading variable**
Tariffs, trade wars, great power games—these are now directly embedded in the pricing formulas of the crypto market. Previously driven by supply and demand, now political winds can also produce a candlestick. For those used to purely technical analysis, this is a new challenge.

The macro storm is reshaping our perception of various assets. Those that do not rely on economic cycles or are not influenced by geopolitics as stores of value are becoming even clearer. The market is turbulent, but the value logic of some things is becoming increasingly evident.