According to Jay Jacobs, the head of thematics and active ETFs at BlackRock, central banks, particularly in China, might start moving away from US Treasurys in favor of gold and Bitcoin due to increasing geopolitical tensions and global uncertainty. Jacobs emphasized a longstanding trend of reducing reliance on dollar-based reserves while diversifying into uncorrelated assets, with Bitcoin being considered alongside gold as a safe-haven option. He noted the significant inflows into gold and Bitcoin ETFs and highlighted how this shift is indicative of changing market dynamics. Analysts, including those from Nansen and QCP Capital, agree that Bitcoin is becoming less correlated with US equities, viewing it as a resilient asset amid economic downturns. This growing popularity positions Bitcoin as a hedge against macroeconomic uncertainty, furthering its institutional adoption in the face of fluctuating market conditions.

Source 🔗