Bitcoin Maturing as Macro Asset Amid Market Turmoil, Expert Says

Bitcoin Is a Maturing Macro Asset

After weeks of seemingly moving in tandem with equities and other traditional assets, bitcoin ( BTC) showed a measured reaction to a historic sell-off sparked by the United States’ imposition of “reciprocal” tariffs on more than 100 countries. According to James Toledano, COO at Unity Wallet, this measured reaction underscores bitcoin‘s growing maturity as a macro asset.

Toledano’s remarks came as BTC appeared to consolidate after weeks of a gradual decline that saw the top crypto asset drop by more than 25% from its Jan. 20 peak of just over $109,000. This drop, which mirrored equity losses in the same period, challenged the notion that BTC is not correlated with traditional assets. Furthermore, this drop undermined the digital gold narrative that many bitcoin maximalists ascribe to.

Coingecko data shows that bitcoin dropped from more than $82,200 on April 1 to just under $75,000 on April 7 amid a selling frenzy fueled by trade war fears. However, the Trump administration’s surprise decision to halt “reciprocal tariffs” briefly calmed markets, helping BTC recover some losses. Toledano believes this reversal shows investors are changing their perspective.

“While it’s far from decoupled or insulated from broader economic shocks, it has fared surprisingly well during this recent market-wide sell-off. This might suggest that fewer investors view it as merely another high-beta risk trade. Instead, we’re beginning to see bitcoin occupy a liminal space between risk and refuge,” the COO said.

He added that while more movement is likely in the coming days, a clearer picture will only emerge after a few weeks.

While BTC tracked global markets in much of the first quarter of 2025, gold had its best weeks in decades. After starting the year trading just above $2,580 per ounce, gold gained more than $500 by March 31. Although the April 7 global market meltdown briefly halted gold’s ascendancy, the precious metal hit a new milestone of just under $3,174 per ounce three days later.

This contrasting performance of gold and BTC has emboldened the latter’s critics who have long rejected the digital gold narrative. Gold proponents assert the metal’s price action shows it is the only viable safe-haven asset available. However, Toledano believes BTC’s response to U.S. policy changes reinforces its main proposition.

“But the global response to U.S. policy shifts is reinforcing bitcoin’s core proposition: a non-sovereign store of value in an increasingly fragmented world. While not yet a traditional safe haven, bitcoin is growing into that role—its resilience increasingly speaks louder than price action alone,” Toledano argued.