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Bitcoin ($BTC) and gold declined in tandem, a simultaneous retreat that puts pressure on the narrative that either asset reliably functions as a shelter when risk appetite sours.
When the Hedge and the Hedge's Hedge Both Sell Off The safe-haven argument for Bitcoin has always depended on a simple claim: that it behaves like digital gold — scarce, stateless, immune to central-bank policy.
Gold's own safe-haven case is older and more institutionally embedded. When both assets drop at the same time, neither story holds cleanly. The correlation is the problem.
A hedge that moves with the thing it is supposed to hedge against is not a hedge; it is just another position. This is not a new vulnerability for Bitcoin.
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