Despite significant macroeconomic pressure, including the U.S. establishing a strategic reserve and President Trump’s tariffs, Bitcoin has remained relatively stable. Bitwise CIO Hougan argues that this stability signifies Bitcoin’s desire to surge higher once macro factors ease. This behavior contrasts with historical patterns, where Bitcoin typically exhibits more volatility during market downturns. This time, however, both the S&P 500 and Bitcoin have experienced a similar decline of roughly 12%. Notably, this parity is unprecedented, and Hougan suggests it could signify a fundamental shift in Bitcoin’s role as an asset class. This new asset class may be evolving to resemble gold, gaining more recognition as a hedge against market volatility and seeking greater stability in the financial ecosystem.