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Ahead Of The Curve
07 Apr 2025

Remarkably Resilient

Abnormal observations across the board this week. Most notably, BTC has faced significant relative strength amidst equities facing their largest daily drawdowns since the Covid-days. What causes BTC's relative strength?
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Bitcoin flexes while S&P rolls over
Liberation Day volatility sent markets into panic. However, Bitcoin has shown relative resilience while the S&P 500 saw its largest daily losses since the Covid crash. BTC saw weekly returns of -3% while equity indices worldwide saw far steeper drops. Notably, Strategy confirmed it had not purchased BTC (supporting price) during this period of BTC strength. With tariffs set to go live tomorrow and countries calling for negotiations, we have likely not experienced the last of tariff-related market-moving headlines.
CME traders remain unphased, while offshore traders slow
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