$BTC So far with a sharp rejection from the all time high BTC/SPX ratio. Not entire surprising hence me highlighting this chart this weekend.
It seems that the trade uncertainty was one of the driving factors at least in the eyes of investors.
With the US - China "Deal" made and Tariff uncertainty fading, stocks were the ones that benefitted most. This caused some selling on $BTC and for the BTC/SPX ratio to come down by about 5% so far.
At this point it's safe to assume BTC does act as a risk asset but does also tend to be an asset where money allocates into during these uncertain situations surrounding trade and issues with things like banks (March 2023).
As BTC is maturing and the market gets bigger, it will eventually work more and more like what it was designed for I think.
$BTC Has outperformed stocks since "Liberation" / Tariff Day on the 2nd of April.
It held up incredibly strong during a sharp sell off on stocks in April.
It then also proceeded to outperform as the markets bounced and tariffs were implemented.
Back then people were wondering if a reason for the relative strength could have been the narrative that countries could potentially be using $BTC to bypass tariffs.
With a potential US & China Trade "Deal" teased/announced today we could be seeing the answer to this question.
Theoretically speaking, if the trade uncertainty was what was making BTC outperform, it should stop outperforming after we hit the most important deal which includes China.
If BTC keeps doing its thing and just keeps outperforming it's safe to assume that tariffs likely have little direct impact on how BTC is treated/used.
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