In a post on X, Arthur Hayes noted that Bitcoin has gained 7% since the U.S.-Iran war started in February, while gold prices have fallen 2% and the Nasdaq 100 is down 0.5%.
- Oil prices climbed toward $100 on Thursday morning following reports of attacks on ships moving through the Strait of Hormuz.
- Bitcoin rose about 1.6% over the past 24 hours, holding above $70,000.
- Traditional markets weakened slightly, with the Nasdaq 100 and gold prices slipping in pre-market trade.
- The broader cryptocurrency market gained about 1.2%, with Dogecoin and Solana leading gains among crypto majors.
BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes said on Thursday that Bitcoin (BTC) has outperformed its traditional safe-haven counterpart, gold, since the war between the U.S. and Iran began in February.
In a post on X, Hayes noted that not only did Bitcoin outperform gold during the oil crisis but also the tech-heavy Nasdaq 100. “Relative to similar type large risky assets, BTC did the best when viewed against oil & gas energy price spikes,” he wrote.
Bitcoin Gains While Nasdaq, Gold Slip Amid Oil’s $100 Rally
Crude oil prices touched $100 in early morning trade on Thursday after three more ships passing through the Strait of Hormuz were reportedly attacked overnight. The Nasdaq 100 tracking Invesco QQQ Trust Series 1 (QQQ) fund edged 0.5% lower in pre-market trade, while the SPDR Gold Shares ETF (GLD) fell 0.2%. Both saw retail sentiment on Stocktwits trending in ‘bearish’ territory over the past day.
Meanwhile, Bitcoin’s price gained 1.6% in the last 24 hours, keeping above the $70,000 mark. Retail sentiment on Stocktwits around the apex cryptocurrency remained in ‘neutral’ territory over the past day, but fell from the ‘extremely bullish’ zone a week ago.
The move also comes after U.S. jobless claims came in better than expected at 213,000, as compared to the expectation of 215,000 and lower than last month’s 214,000.
Why Is Bitcoin Outperforming Equities And Gold?
According to Bitfinex, the crypto market is entering a new phase driven more by spot demand than by leveraged trades. It noted that the Leverage Reset Index has fallen to a multi-year low of 0.32, which is typically a signal that price discovery is driven by spot buyers rather than leveraged speculation.
“What we’re seeing now is the aftermath of a major deleveraging event,” the firm told Stocktwits. “Most of the speculative excess in the derivatives market has been flushed out, leaving a market that is increasingly driven by spot demand rather than leverage.”
The overall cryptocurrency market gained 1.2% over the last 24 hours, with Dogecoin (DOGE) and Solana (SOL) leading gains among the crypto majors. Dogecoin’s price gained 3.2% in the last 24 hours, while Solana’s price gained 2.3%. CoinGlass data showed around $182 million in liquidations over the past day, representing a near-even split between long and short bets being wiped out.
Read also: Bitcoin $70K Floor Under Threat – Bitfinex Warns $120 Oil Spike Could Trigger Hawkish Fed Pivot
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