Bitwise Chief Investment Officer Matt Hougan said Bitcoin is behaving “all differently” during the current market slump.
Bitcoin shows signs of maturity.
In a client note released early Tuesday, Hougan highlighted that Bitcoin has remained substantially changed for the past month.
“Bitcoin is trading at $84,379. A month ago it was $84,317. This is a 30-day return of 0.07%,” wrote Hougan. “With the US creating a strategic preparation for Bitcoin, President Trump, who imposes tariffs on the whole world, has a great power to influence the crypto market from all angles, and we’ve gone to the right.”
Since its peak in February, US stocks have been declining, with the S&P 500 down 12%. Bitcoin chased the suit with a 12.4% drop, but that still represents a significant performance compared to previous macro sales, Hougan said.
For example, during the 2022 market crash, Bitcoin lost 58.3% of its value compared to the S&P’s 24.5% decline. Similarly, during the early 2020 and 2018 US trade war pandemic crash, Bitcoin losses far outweigh stock losses.
“We’ve never surpassed the stock market during a full-scale market correction since Bitcoin broke $1 in 2011. I think there’s a chance this time,” says Hougan.
Gold veils both stocks and Bitcoin during the current revision, but Hougan stressed that Bitcoin’s recent resilience, over $80,000 amid global uncertainty, is a testament to its growing role as a resilient asset.
“The world is unraveling, and Bitcoin is trading for over $80,000. If it doesn’t give you confidence in its sustainability, I don’t know what will it be,” he said.
Hougan stopped calling Bitcoin a full-fledged hedge asset, but he suggested that crypto behavior would show structural changes. Due to growing institutional and regulatory interest, cryptocurrencies reduce risky asset tags and are increasingly considered digital gold.
*This is not investment advice.
