**Signal:** Bitcoin's claim as a safe haven is being debated, but it has shown relative strength compared to equities during the recent market downturn.
**Key Points:**
* **Initial Drop:** Bitcoin did fall alongside other assets, as investors initially rush to cash in crises. * **Relative Strength:** Bitcoin's decline has been less severe than the Nasdaq's since the tariff escalation. * **Lower Beta:** Bitcoin's beta to broader risk assets is lower in this sell-off compared to previous ones. * **Growing Recognition:** This suggests growing recognition of Bitcoin as a non-sovereign store of value.
**Bitcoin Outlook:** Bitcoin is showing resilience, but its safe-haven status is still evolving.
