U.S. equity markets recorded some of their steepest losses since the initial shock of the Covid-19 crisis in March 2020. The Dow Jones Industrial Average dropped 2,231 points on Friday, the NYSE fell by 1,149, the Nasdaq declined 962.82, and the S&P 500 retreated by 322.44 points. Even gold slipped 2.45% against the U.S. dollar on April 4, yet the leading digital asset, bitcoin ( BTC), held firm—and even gained a percentage point or two.

This resilience has prompted a flurry of conversation on X, with many weighing in on bitcoin’s potential as a hedge amid the chaos. “Bitcoin is the hedge,” Tether CEO Paolo Ardoino stated this afternoon. “Today’s market reaction to tariffs is a reminder: inflation is just the tip of the iceberg,” Strategy founder Michael Saylor wrote on X. “Capital faces dilution from taxes, regulation, competition, obsolescence, and unforeseen events. Bitcoin offers resilience in a world full of hidden risks.”

“Wall Street realizing bitcoin is as an uncorrelated asset backed by energy, growing in value across time and space,” Bitcoin historian Pete Rizzo wrote, sharing an image of a massive tidal wave. “This is actually wild to see— for the first time, Bitcoin is decoupling right before our eyes,” Cory Bates explained on X. “Investors are learning that Bitcoin is an essential part of a diversified portfolio,” Wayne Vaughan remarked.

BTC/USD via Bitstamp on April 4, 2025 1H chart.

Similarly, in March 2023, as regional banks unraveled—Silvergate, SVB, and Signature among the most high-profile casualties—bitcoin climbed 35%, reflecting a flight from conventional finance. While the S&P 500 Regional Bank Index sank roughly 28%, BTC leapt from $20,000 to $27,000 within a single week, eclipsing gold’s more restrained 9% uptick. Trading activity accelerated, BTC’s correlation with equities flipped negative, and capital began moving into self-custody, rekindling the asset’s original ethos as a sovereign refuge in times of institutional doubt.

This upward move was also shaped by growing anticipation of a softer stance from the Federal Reserve, as banking turmoil nudged central banks toward easing rate policy. Bitcoin’s dual character came into sharp focus: serving both as a safe haven amid financial disorder and a speculative vehicle on the expectation of renewed liquidity. The contradiction—volatile yet defensive—revealed its shifting identity: simultaneously a hedge against systemic instability and a bellwether for monetary pivots.

That chapter entrenched bitcoin’s position as both crisis shelter and risk-sensitive barometer, defying conventional asset categories. Curiously, BTC appears to exhibit this trait with particular clarity in March, particularly in 2020, 2023, and 2025.

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