BTC is still a risk-on asset short term, but long term it’s becoming a macro hedge.

Bitcoin is being utilized by investors as a quick cash source during uncertain times, resulting in rapid sell-offs instead of accumulation as a safe-haven asset. According to NS3.AI, this behavior contrasts with traditional assets like gold, which are typically seen as stable stores of value. Bitcoin's volatility and market dynamics during stress periods challenge its reliability as a protective asset in turbulent markets.