#USCorePCEMay Bitcoin as "safe haven" vs. "risky asset": Although the narrative of Bitcoin as a hedge against inflation is popular, its behavior in the short term often positions it more as a risky asset. Its high volatility and its correlation with stock indices (especially the Nasdaq) make it sensitive to changes in the Fed's monetary policy. While in the very long term its programmed scarcity could act as a value protector, on a day-to-day basis, the Fed's decisions on interest rates tend to have a more immediate impact. Thus, the Core PCE data from May suggests that macroeconomic conditions do not immediately favor a sustained rebound in risk markets, including crypto, as the Fed may maintain its restrictive stance to control inflation.