Bitcoin has shown resilience, trading above $80,000 despite an 11% drop in Nasdaq since tariffs were announced. The S&P 500 also declined by about 5% this week. Bitcoin briefly dipped below $82,000 but quickly rebounded, reinforcing its potential as a macro hedge. However, the stability of Bitcoin could be threatened by the Treasury market basis trade, which involves hedge funds operating at a 50-to-1 leverage ratio. The size of this trade reached $1 trillion by the end of March, double the $500 billion it was in March 2020. A one basis point move in Treasury yields could shift the value of these bets by $600 million. On March 12, 2020, Bitcoin fell nearly 40% due to a similar basis trade blowup. The MOVE index, indicating expected volatility in the U.S. Treasury market, jumped 12% to 125.70 on Friday, the highest since November 4.
ShareFi
@ShareFi_gfm
·
Apr 5 BTC and Nasdaq down 27% and 21% respectively from ATH.
Arguably the most pivotal 72 hours in $BTC’s existence. If crypto levels and stocks gap down Monday, a new paradigm could be upon us.
Crypto earning a tariff safe haven designation is within the realm of outcomes. $Share
Wu Blockchain
@WuBlockchain
·
Apr 4 Arthur Hayes stated that Bitcoin holders need to learn to love tariffs. He noted that Bitcoin may have already decoupled from the Nasdaq and could become the purest leading indicator of fiat liquidity. While the Nasdaq closed down 5.82% yesterday, Bitcoin’s intraday volatility
BecauseBitcoin.com
@BecauseBitcoin
·
Apr 4 [𝕏] Arthur Hayes: Bitcoin Holders Must Embrace Tariffs as Crypto Decouples from Nasdaq, Becoming Leading Indicator of Fiat Liquidity
$BTC
Sam Kim
@SamKimGoChapaa
·
Apr 5 BTC Decoupling.
Bitcoin is breaking away from equities.
Nasdaq dropped 5.8%.
BTC held firm, up 0.9%.
Correlation fell from 0.8 (Aug ‘24) to 0.46 (Mar ‘25).
Now near zero.
BTC is only asset classes immune from tariffs.
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