Source: Cointelegraph
Original: “Bitfinex: Bitcoin (BTC) is the 'cleanest dirty shirt'”
Under macroeconomic uncertainty, Bitcoin (BTC) has shown resilience compared to broader financial markets, but analysts warn that it is still too early to determine whether this trend will continue.
In a market report provided to Cointelegraph on April 23, Bitfinex analysts stated, "We have not fully reached that stage yet, but if Bitcoin can maintain strength amid the upcoming CPI data, ongoing Powell-related news, and stock market earnings volatility, the 'decoupling' narrative may evolve from 'temporary divergence' to 'institutional change.'"
Analysts noted that while Bitcoin's strength relative to U.S. stocks "seems real," its structural characteristics still need confirmation. They cautioned that Bitcoin has previously experienced short-term outperformance compared to the broader market, but ultimately it would still revert to synchronizing with the wider market.
Cointelegraph recently reported that Bitcoin is gradually decoupling from the stock market, instead mimicking the upward trend of gold. As of the time of writing, Bitcoin's price has risen 7.68% over the past 30 days. Meanwhile, according to Google Finance data, the S&P 500 and Nasdaq indices have fallen by 6.79% and 8.14%, respectively.
During the same period, Nvidia's stock price, which has outperformed Bitcoin over the past decade, fell by 15.4%. Analysts attributed this decline to "volatility caused by actual bans and tariffs on advanced chip exports to China." Cory Klippsten, CEO of Swan Bitcoin, stated in May 2024, "The likelihood of Nvidia outperforming Bitcoin over the next decade is close to zero."
Bitfinex analysts described the current cryptocurrency market as being in a "mixed state," with rising macroeconomic risks on one hand and increasing inflows into spot Bitcoin ETFs on the other.
On April 22 alone, spot Bitcoin ETFs recorded inflows of $913 million, marking the largest single-day inflow since the end of January.
They added that this further reinforces Bitcoin's status as a store of value, with Bitcoin's market dominance rising to its highest level since the end of 2021.
According to TradingView data, as of the time of writing, Bitcoin's market dominance is at 64.39%.
Cryptocurrency market participants will closely monitor the April Consumer Price Index (CPI) data to be released on May 13. The previous March data showed a cooling trend in inflation, which some view as a short-term bearish signal for Bitcoin.
According to data from the U.S. Bureau of Labor Statistics, the March CPI increased by 2.4% year-over-year, down from 2.8% in February, marking the lowest level since February 2023.
Meanwhile, some cryptocurrency analysts warned that other indicators suggest Bitcoin's upward momentum may be difficult to sustain.
Markus Thielen, head of research at 10x Research, stated, "Given that our stablecoin minting indicators have not yet returned to high activity levels, we are cautious about the sustainability of the current Bitcoin rally."
Related: As new funds flow into the market, Bitcoin (BTC) holders are once again in profit—Is the next target $100,000?
This article does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers should conduct their own research before making decisions.
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