U.S. stocks fell slightly, Bitwise: The world is turbulent, Bitcoin remains stable at 80,000, BTC is becoming a macro asset

The three major US stock indices closed slightly lower, with tariff uncertainty still weighing on the market, but the VIX index dropped from 60 at the beginning of the month to 30, and investors seem to be gradually becoming numb to the volatility of the trade war. Bitwise's Chief Investment Officer Matt Hougan reported that Bitcoin has remained stable over the past month. As the world is in turmoil, Bitcoin continues to trade above $80,000, indicating that Bitcoin is growing into a macro asset.

Tariff Uncertainty Still Suppressing the Market

Tariff uncertainty continues to weigh on the market, despite Wall Street financial giants' earnings highlighting the prosperity of stock trading and still healthy consumer and corporate conditions. After rising nearly 1%, the S&P 500 index ultimately closed lower. In the after-hours session, United Airlines Holdings maintained its full-year earnings outlook but warned that a "recession" scenario would erode demand and significantly reduce profits.

US President Trump called on China to proactively contact him to begin negotiations, stating that this trade war currently shows no hope of ending. The trade war has led both sides to raise trade barriers. According to informed sources, China has ordered airlines not to accept Boeing aircraft. Meanwhile, the EU and the US have made almost no progress in narrowing trade differences.

Bitwise: Bitcoin Remains Stable Above $80,000, Showing Extraordinary Resilience

Bitwise's Chief Investment Officer Matt Hougan issued a report indicating that Bitcoin is like an asset eager to rise, as long as macro obstacles disappear. He also pointed out a surprising fact: Bitcoin has remained stable over the past month. Bitcoin currently appears extremely resilient. As the world is in turmoil, Bitcoin continues to trade above $80,000.

Hougan believes that Bitcoin's returns are driven by two sometimes conflicting forces:

• Risk Asset: From one perspective, Bitcoin is a risk asset, an emerging, technology-driven investment that has historically provided high returns and high volatility.
• Hedge Asset: From another perspective, Bitcoin can play a role similar to gold, providing a hedge against macro policy mistakes and fiat currency depreciation.

In Bitcoin's early days, the "risk asset" element was dominant. Bitcoin's success was still questionable, so when the market turned "risk-averse", it would be severely hit, with declines even exceeding stocks.

Now, as more businesses and institutions buy Bitcoin, and more governments use it as a strategic reserve, the "hedge asset" narrative is increasing. Investors are increasingly viewing it as digital gold. The result is lower correlation with stocks during downturns.

He believes that Bitcoin growing into a macro asset is a delightful sight.