Bitcoin’s (CRYPTO: BTC) long-standing pitch as “digital gold” is facing a macro reality check. On Federal Reserve announcement days, the ETFs tracking it are behaving like high-growth tech proxies, moving in sync with interest rate expectations and liquidity signals.
Heading into the latest Fed policy decision and Jerome Powell’s press conference, trading patterns across major spot Bitcoin ETFs show a clear shift. Funds such as the iShares Bitcoin Trust (NASDAQ:IBIT), Fidelity Wise Origin Bitcoin Fund (BATS:FBTC), ARK 21Shares Bitcoin ETF (BATS:ARKB), and Grayscale Bitcoin Trust ETF (NYSE:GBTC) are increasingly moving more or less alongside equity benchmarks rather than acting as diversifiers.
On Wednesday morning, all the funds were trading marginally lower at less than 1%, same as the S&P 500. Meanwhile, the Nasdaq 100 index was not very far ahead, and was trading less than 1% higher.
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