Bitcoin's behavior as a risk asset calls into question its narrative as 'digital gold.' According to Cointelegraph, Bitcoin is increasingly viewed as a risk asset rather than a safe haven like gold, which casts doubt on its narrative as 'digital gold.' Analysts suggest that a potential interest rate cut by the Federal Reserve in July could enhance Bitcoin's prospects, although historical data indicates that the third quarter typically yields steady returns, averaging only a 1% gain from June to September. Despite Bitcoin's weak performance over the past week, its trajectory may change if it aligns with global money supply trends. Jurrien Timmer, Director of Global Macroeconomics at Fidelity, noted that gold prices could rise following an 8.5% year-over-year increase in global money supply, driven by geopolitical tensions. However, Bitcoin's volatility presents conflicting forecasts. Timmer explained that both gold and Bitcoin display high Sharpe ratios, indicating improved risk-adjusted returns. This measure suggests a possibility of price recovery, but Bitcoin's dual role as a store of value and 'Nasdaq proxy' undermines its stability.