Crypto Vs Equities CrosscurrentsCrosscurrent

Bitcoin underperformance versus stocks and gold in risk off narratives

April 3, 2026Wall St Engine, Zee C O N T R A R I A N, Jurrien Timmer

Multiple posters contrast Bitcoin returns with equities and gold, arguing Bitcoin has lagged in the current regime and questioning its hedge role while others frame the drawdown as a late bearish turn or base-building phase.

One year since Liberation Day: Crude Oil +50% Gold +48% S&P 500 +17% Bitcoin -22%
If Bitcoin, which in the past year has failed as an inflation hedge, a shock hedge, and a dollar debasement hedge, and is now just a risk asset, can’t even outperform tech with actual fundamentals on a market spike, then what’s the point of touching it at all?
Below we can see that when Bitcoin peaked last October, the ETP flows left Bitcoin and jumped on the gold bandwagon.
Bitcoin: $66,500. Q1: Over (worst quarter since 2022). Q2: Started. Turning bearish NOW? You're 3 months late.
Wall St Engine
Zee C O N T R A R I A N
Jurrien Timmer
Gordon
risk-offrelative-performancegoldbitcoinbtc

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