Bitcoin defied expectations in April, delivering double-digit gains while posting lower volatility than major traditional assets.
According to analysts at Galaxy Digital, Bitcoin’s (BTC) realized volatility over the past 10 trading sessions dropped to 43.86, lower than the S&P 500’s 47.29 and the Nasdaq 100’s 51.26 — an unusual “positioning for a digital asset traditionally known for its outsized volatility.”
The data point comes against a backdrop of renewed financial turbulence. Since US President Donald Trump’s Liberation Day tariff announcement on April 2, traditional markets have wobbled.
The Nasdaq Composite is flat, the Bloomberg Dollar Index fell nearly 4%, and even gold (typically a safe haven) briefly hit $3,500 per ounce before pulling back to a 5.75% gain, Galaxy Digital analysts wrote in a May 12 note.
However, they noted that Bitcoin surged 11% over the same period, reinforcing its evolving role as a macro hedge amid geopolitical and fiscal uncertainty.

The Nasdaq Composite Index has been in the red over the past six months. Source: Nasdaq
Bitcoin’s correlation with major indexes declines
The analysts noted that Bitcoin still maintains elevated 30-day correlations with major indexes, around 0.62 with the S&P and 0.64 with the Nasdaq. However, its beta has declined, signaling that investors may be treating it less as a high-risk asset and more as a long-term allocation.
“Bitcoin as a non-sovereign asset means an investor doesn’t need the full faith or tax basis of a nation to support the integrity of the asset,” said Chris Rhine, head of liquid active strategies at Galaxy.
Galaxy said that the recent investor behavior mirrors what was observed during the 2018–2019 US-China trade tensions when Bitcoin rallied amid rising global uncertainty.
Hank Huang, CEO of Kronos Research, told Cointelegraph that surging ETF inflows and Strategy’s ongoing Bitcoin purchases are helping reshape Bitcoin into a digital version of gold, less tied to equities.
“As institutions deepen liquidity, volatility drops, making Bitcoin a cornerstone for portfolios,” Huang added.
Meanwhile, Galaxy’s OTC trading desk said the market posture is “tactically cautious but structurally constructive,” marked by disciplined leverage and low hedging stress.
With 95% of Bitcoin’s total supply already mined and growing interest from institutions, ETFs, and even governments, Bitcoin is increasingly being viewed as a digital store of value.
“Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value,” said Ian Kolman, co-portfolio manager at Galaxy.
On April 25, Jay Jacobs, BlackRock’s head of thematics and active ETFs, said there has been a long-term trend where countries have been reducing their reliance on dollar-based reserves in favor of assets like gold and, increasingly, Bitcoin.
He noted that geopolitical fragmentation is fueling demand for uncorrelated assets, with Bitcoin increasingly viewed alongside gold as a safe-haven asset.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks

Pi Network Price Forecast: A Possible bullish pattern breakout in PI teases trend reversal
Pi Network edges higher at press time on Thursday as it trades in the green for the third consecutive day. The recovery could have been driven by the launch of the new Pi Node version, while the technical outlook shares the possibility of extended gains with a bullish pattern breakout.

Sui Price Forecast: Technical breakout aims for $4.00, supported by TVL growth
Sui extends its breakout above the descending channel and reclaims the 100-day EMA at $3.07 as support. Sui’s DeFi Total Value Locked nears the $2 billion mark, indicating rising investor confidence.

Bitcoin eyes $120,000 as prospects of Fed rate cuts fuel market optimism
Bitcoin price stabilizes around 111,000 on Thursday after hitting a record high of nearly $112,000 the previous day. Fed Minutes spark renewed risk-on sentiment as it showed officials foresee interest rate cuts later this year, boosting momentum across markets.

Crypto Today: Bitcoin's new all-time high reignites risk-on sentiment as Ethereum, XRP bulls increase exposure
Bitcoin could extend its price discovery phase amid renewed risk-on sentiment following its new record high. Ethereum extends gains toward $2,880 critical resistance on the backdrop of rising spot ETF inflows.

Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.