Bitcoin Finally Wakes Up After Lagging Stocks and Gold, Says QCP

Sleeping giant stirs—digital gold shakes off the dust.

The Catch-Up Game Begins

While traditional assets enjoyed the spotlight, Bitcoin bided its time. Now, momentum shifts. Analysts point to a classic market rotation—capital seeking the next asymmetric bet. The narrative isn't about following trends; it's about setting them.

Decoupling From Old Guard Correlations

For months, charts mirrored conventional finance. That lockstep movement now fractures. Bitcoin's volatility, often framed as a weakness, reasserts itself as its prime engine for breakout performance. It doesn't wait for Wall Street's opening bell.

Liquidity Finds Its Nerve

The flow tells the story. Options activity heats up, signaling sophisticated money positioning for a major move. It's a quiet accumulation before the storm—a pattern veterans recognize from past cycles. The smart money rarely announces its arrival with a press release.

The Provocative Close

So, is this the long-awaited decoupling or just another fleeting rally? History favors the bold, not the brokers collecting fees on both sides of a hedged bet. While traditional finance debates risk-adjusted returns in committee meetings, Bitcoin simply executes. After all, the most profitable trades often make the most conventional portfolio managers visibly uncomfortable.

The breakout comes after weeks of bitcoin lagging behind traditional assets, with QCP Capital noting that the digital asset has pushed through the $95,000 resistance level that capped rallies since November.

The MOVE higher reflects a strengthening risk-on environment driven by stable U.S. inflation and a resilient job market, creating what QCP describes as a “” where investors are piling into everything from stocks to precious metals and now crypto.

Despite geopolitical tensions in Venezuela and Iran, markets have remained resilient, interpreting U.S. involvement as a reassertion of global leadership rather than a source of instability.

Trump’s Economic Agenda Fuels Market Confidence

QCP believes political calculations are driving the rally, arguing that President TRUMP is focused on achieving new equity market highs ahead of the midterm elections this year.

“The market is convinced that Trump will do anything to Make America Great Again, with his measure of success being new highs in equity markets,” QCP stated in its analysis.

The firm sees flush liquidity and renewed American leadership as Trump’s primary tools, naturally leading to U.S. outperformance and a global risk-on environment.

However, traditional markets showed cracks on Wednesday as Wall Street declined for a second straight session.

The S&P 500 fell 0.7%, while the Dow Jones Industrial Average dropped 182 points, weighed down by mixed bank earnings that disappointed investors.

Wells Fargo plunged 4.6% on weaker-than-expected revenue, while Bank of America declined 3.8% despite beating profit estimates, highlighting how elevated valuations have left little room for disappointment.

Meanwhile, precious metals continued their explosive start to the year, with gold, silver, copper, and tin all hitting record highs as investors embraced the so-called debasement trade.

Silver jumped 6.1% to top $92 per ounce, while gold notched another all-time peak above $4,620, capping a remarkable 65% gain in 2025.

“When gold moves first, it usually signals declining trust in fiat currencies,” Hao Hong, chief investment officer at Lotus Asset Management, told Bloomberg. “Everything is measured against gold, then most assets look cheap right now.“

Political Turmoil Amplifies Safe-Haven Demand

The precious metals rally accelerated after deadly protests in Iran killed over 500 people, with Tehran warning it could target U.S. military bases if President Trump intervenes.

Political uncertainty intensified when the Justice Department served Federal Reserve Chair Jerome Powell with grand jury subpoenas over Senate testimony, pressuring the dollar and raising questions about central bank independence.

Fed Chair Powell accuses Trump administration of using criminal threats to pressure rate cuts after DOJ grand jury subpoenas over renovation testimony, triggering bipartisan backlash.#Fed #Trump #DOJhttps://t.co/nKiwflcFWg

Farzam Ehsani, CEO of crypto exchange VALR, warned that the situation creates a paradox for digital assets.

“On the one hand, weakening confidence in dollar policy traditionally increases interest in decentralized assets as a hedge against political and currency risk,” he said.

“On the other hand, abrupt political maneuvers and aggressive polarization within the government are increasing instability, triggering short-term outflows from risky assets.“

Ray Youssef, CEO of the crypto app NoOnes, also noted that capital rotation, rather than panic, appears to be driving market moves.

“The US market is slightly down, but this is more likely due to capital rotation, as investors are shifting capital from riskier to more predictable sectors,” he explained, adding that gold and Bitcoin are increasingly treated as refuges from macro chaos.

QCP sees Bitcoin’s recent underperformance relative to precious metals as creating opportunity, suggesting that “the relativeat this point may spur a rotation to digital assets.”

The firm acknowledged risks remain, particularly around pending Supreme Court decisions on tariffs, which have also been postponed again, and potential escalation in Venezuela or Iran, but believes these concerns are already priced in.

BREAKING: The US Supreme Court decides to NOT issue a highly anticipated ruling on the legality of President Trump's tariffs today.

This marks the second-straight time the ruling was not released as expected.

Youssef remained cautious, noting that the crypto market “continues to see active BTC selling during the U.S. trading session” and that “no compelling reason yet for the cryptocurrency’s rapid price growth.“