Michael A. Gayed and others point to BTC’s large drawdown from ATH to argue it isn’t hedging anything, while other posts debate whether BTC is holding up better than equities or just trading like a risk asset.
BTC ATH: $126,198 (October 2025). BTC now: ~$71,000. That's a 44% drawdown. Everyone said crypto was the hedge. Hedge against what, exactly?
$BTC has actually outperformed the $QQQ on a relative basis lately...
Bitcoin’s correlation to gold has been crashing, while the correlation to equities has been rising.
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