Bitcoin decouples from US stocks, and its "digital gold" attribute may return

Mars Finance News: On April 23, Bitcoin broke through the $90,000 mark for the first time since early March, sparking market optimism that it might finally break free from its long-term correlation with U.S. tech stocks. On Tuesday, Bitcoin rose 6.77% cumulatively, and continued its upward trend in early Asian trading on Wednesday, reaching a high of $93,883 per coin. The U.S. dollar index slightly rebounded after falling to a three-year low on Monday. Although the Nasdaq 100 index rebounded significantly after a sharp drop on Monday, it remains far below its highs from late February to early March. Previously, Bitcoin was briefly dragged down by a risk asset sell-off triggered by Trump's tariffs, but has since rebounded over 20% from its April 7 low. During this process, Bitcoin's trading performance began to resemble gold, an asset that has performed prominently under tariff uncertainty. Over the past week, Trump's fierce criticism of Federal Reserve Chairman Powell, accusing him of being too slow to cut rates, has increased investor unease and reinforced claims about the end of "American exceptionalism". Meanwhile, market expectations of more details about the "Strategic Bitcoin Reserve" plan in the coming weeks have also been a key catalyst for the crypto asset's rebound. Bitcoin's futures and options markets have also shown signs of renewed bullish demand. A notable signal is that the CME Bitcoin basis—the difference between spot and futures prices—has risen to a three-month high, while the number of outstanding contracts has moderately increased.