Over the last year, Bitcoin has performed poorly compared to both gold and the S&P 500. During the period when classical assets continued to reach their historical peaks, there were losses in the value of crypto money. Investors who follow the crypto markets closely had the opportunity to observe the difference in Bitcoin’s return table more clearly, especially from the beginning of 2025.
Gold and S&P 500 Maintain Their Records
Gold has recently gained more than eighty percent in value and reached new highs repeatedly. During this rise period, the S&P 500 index showed an increase of approximately fifteen percent and a chart that maintained its structural strength. Both assets came to the fore in investors’ search for a safe haven in a period when global economic uncertainties increased.
Safe Haven Perception in Bitcoin is Weakening
The safe haven function of Bitcoin, which stands out as ‘digital gold’ in the cryptocurrency markets, began to be questioned during this period. Since the beginning of 2025, Bitcoin’s return performance has remained negative and has fallen significantly below its level in January. While demand for defensive assets generally increases during periods of rising geopolitical tensions, Bitcoin could not show a similar resistance.
Although it has been observed that Bitcoin reacts positively to global macroeconomic shocks from time to time, it is noted that these reactions are not stable. According to recent data, capital flows continue to treat Bitcoin more as a high-beta and risky asset.
While it is stated in the news that the “Digital gold” narrative has passed the consistency test, it is stated that “Bitcoin could not show the expected safe haven behavior and could not take on a defensive role as much as gold.”
Appetite Remains Limited in the Crypto Market
The general market environment also shows that risk appetite for cryptocurrencies is at low levels. While Bitcoin and large-cap altcoins have struggled to build momentum recently, market liquidity has been selectively dispersed. While Bitcoin has often led the way in general market revivals in recent bull cycles, it is currently unable to capture the rise observed in stocks and gold.
This separation was especially effective in causing institutional investors to take cautious positions and suppressing speculative transactions. It seems possible for Bitcoin to have a strong “digital gold” narrative again only if it outperforms classical assets in periods of macro shocks.
For now, in classic panic periods, capital turns more to traditional safe havens and Bitcoin is not getting the expected share from this movement. Low mobility in digital assets shows that cryptocurrency is unable to adapt to new macro conditions.
As a result, Bitcoin’s weak course in this process led to a re-evaluation of its identity as a “store of value” and “hedging” in financial markets. Investors are closely monitoring how Bitcoin will behave in the coming period regarding changes in risk appetite and new crises.
