NoOnes CEO: The Safe-Haven Attribute of Bitcoin is Shifting Towards Characteristics of Tech Stocks Amid Geopolitical Conflicts
Recently, as tensions in the Middle East continue to escalate, Bitcoin's price has shown an unusual stability, oscillating within a narrow range around $105,000.
Ray Youssef, CEO of NoOnes, believes that the attributes of BTC are gradually evolving from traditional "safe-haven assets" to risk assets with more "high-volatility tech stock" characteristics, reflecting a fundamental change in the market's perception of BTC.
Youssef's assessment is based on the correlation between Bitcoin and the Nasdaq 100 index, which has risen to 0.68, indicating that its price movements are much more linked to the tech sector than to traditional safe-haven tools like gold.
It is noteworthy that Nobitex, Iran's largest cryptocurrency exchange, recently experienced a $90 million security breach, which analysts believe may be linked to the Israeli hacker group Predatory Sparrow. However, despite the ongoing escalation of regional conflicts, the entire cryptocurrency market remains unusually calm.
Meanwhile, although Ethereum's price saw a peak net inflow of 871,000 ETH in a single day during this period, it failed to break the $2,600 mark, maintaining a sideways pattern for five consecutive weeks. This market indicates that current investors are more focused on macroeconomic indicators such as Federal Reserve policies, rather than short-term shocks from geopolitical risks.
A closer look at the market structure reveals that Bitcoin's market share is steadily rising and nearing a year-to-date high of 66%, indicating a trend of funds migrating from high-risk altcoins to mainstream cryptocurrencies.
Lastly, Youssef predicts that if global tensions continue to escalate, combined with potential capital control measures that various countries may implement, this "quality preference" in fund rotation may accelerate. However, at this stage, Bitcoin is slow to react to geopolitical risks but is unusually sensitive to changes in interest rate policies, showcasing price characteristics that are more akin to tech growth stocks. This shift in characteristics is reshaping the strategic positioning of digital assets within investment portfolios.
What are your thoughts on Bitcoin's transition from a safe-haven asset to characteristics of tech stocks? How do you think this shift will affect the future development of the cryptocurrency market? Share your views in the comments section.
