Bitcoin has climbed back to the $80,000 level, and BlackRock’s head of digital assets, Robbie Mitchnick, said the market is once again focusing on the asset’s role as a safe haven and a hedge against currency debasement, according to BlockBeats. He said the latest move looks less tied to the Nasdaq and tech stocks than earlier phases and more like a macro repricing driven by rising concern over debt, deficits, and confidence in the U.S. dollar.
Recent price action has moved in line with that view. Bitcoin rebounded quickly from the lower end of the $60,000 range and at one point rose above $81,000. Gold has also remained strong, while long-end U.S. Treasury yields and the sustainability of U.S. fiscal policy have become central market talking points.
BlackRock said scarce assets such as Bitcoin and gold tend to attract allocation demand when debt, deficits, and currency debasement return to investors’ focus. Fund flows have also improved. Spot Bitcoin ETFs recorded about $2.4 billion in net inflows in August, one of the strongest monthly readings of the year. At the same time, Bitcoin’s correlation with the Nasdaq has dropped noticeably, and some traders said its recent behavior has looked closer to gold.
Bitcoin has returned to the $80,000 level, and BlackRock’s head of digital assets, Robbie Mitchnick, said the market is refocusing on Bitcoin’s safe-haven qualities and its role as a hedge against currency debasement, according to BlockBeats on Aug. 28.
Mitchnick said the latest rally looks different from earlier periods when Bitcoin moved more closely with the Nasdaq and technology stocks. This time, the advance appears more like a macro repricing following rising concern over debt, deficits, and confidence in the U.S. dollar.
Price action lines up with the macro view
Recent market moves have tracked that thesis. Bitcoin rebounded quickly from the lower end of the $60,000 range and at one point moved above $81,000. Gold has also stayed firm, while long-dated U.S. Treasury yields and the sustainability of U.S. fiscal policy have become key topics in the market.
BlackRock points to demand for scarce assets
BlackRock said that when debt, deficits, and currency debasement return to investors’ focus, scarce assets such as Bitcoin and gold are more likely to attract allocation demand.
ETF flows show signs of improvement
Funding conditions have also shown signs of improvement. Spot Bitcoin ETFs recorded about $2.4 billion in net inflows in August, making it one of the strongest months of the year so far.
At the same time, Bitcoin’s correlation with the Nasdaq has fallen noticeably. Some traders said its recent trading behavior has looked closer to gold. In BlockBeats’ framing, that points to a shift away from a "risk asset trade" and back toward a "macro hedge trade."
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