The latest report from Bitfinex Alpha, published on April 7, highlights Bitcoin's resilience, declining only 0.65% over the past week, outperforming traditional risk assets. Despite the BTC/S&P 500 ratio increasing by 5% from its all-time high, this was not enough to prevent market sell-offs.
Overall, stocks are currently oversold, with predictions of a short-term recovery to narrow the mid-term gap. Short-term funding and Open Interest suggest potential Bitcoin volatility ahead. However, the structure for outperformance in the second quarter is gradually taking shape.
As macro volatility subsides, ETF inflows return, and the sovereign narrative resurfaces, Bitcoin is likely to decouple from stocks and reaffirm its leadership among global risk assets. Although the Fed remains cautious about inflation uncertainty, the overall situation suggests that trade policy may pose a greater risk to economic momentum in the coming quarters than monetary policy.
