Биткоин (BTC)

While recession fears and uncertainty about President Donald Trump's tariff plans have taken stocks for a ride, bitcoin's resilience through it all "has been nothing but impressive," according to Bernstein. Bitcoin lost about 7% from last Thursday — the day after Trump revealed his sweeping tariffs plan — to this Monday. In the same period, the major stock indexes – which aren't used to seeing the outsized pops and drops that are normal for cryptocurrencies – saw even bigger declines . The Dow Jones Industrial Average and S & P 500 fell about 10% each in that period, and the Nasdaq Composite lost 11%. Investors have new institutional demand, namely bitcoin ETFs and corporate bitcoin treasuries like that of MicroStrategy, to thank for bitcoin's recent relative strength, Bernstein analyst Gautam Chhugani said in a note Tuesday. "Most of the bitcoin sellers have been largely short-term retail traders, thus explaining the bitcoin price resilience," he said. "Historically, bitcoin drawdowns have been larger (~50-70% falls), mostly driven by retail panic and large capitulation by leveraged miners. The transition to institutional ownership has obviously helped, with ETFs now ~5% of total supply and another ~5% owned by corporate treasuries." Bitcoin on Tuesday was little changed while stocks rallied on hopes for U.S. tariff deals. The crypto is down almost 30% from its January record. Chhugani noted that while bitcoin is down 15% this year, bitcoin ETF outflows are still positive – with about $770 million in inflows year to date and $911 million in outflows over the last 30 days on $94 billion of assets under management – "reflecting higher quality capital." Corporate bitcoin treasuries have also driven demand with capital duration beyond five years, he added. Although bitcoin still trades day-to-day like a tech stock , the analyst maintains that its growing institutional adoption has also strengthened its digital gold thesis. "Bitcoin price action during a global crisis has always been a subject of controversy – it almost never decouples and acts as hedge ... and most often, demonstrates higher correlation with tech stocks (Mag 7 in current context)," he said. "This still does not take away from its longer term outperformance as a digital 'store of value' asset ... [with] just under $2 trillion bitcoin market value versus over $20 trillion for gold, it trades as a higher volatility and more liquid version of gold."