Gate News message. March 31. 10x Research posted on the X platform that, amid the current backdrop of the U.S.-Iran conflict, Bitcoin is not demonstrating “inflation-hedge” or “safe-haven” characteristics. Instead, it is falling in tandem with other risk assets, indicating that the price-driving logic behind it is changing. However, investors generally misread Bitcoin and treat it as a safe-haven asset, over-relying on a failed liquidity model. 10x Research said that the launch of Bitcoin ETFs has brought a group of new investors from Wall Street into the crypto market, who are more focused on macro variables rather than on-chain application activity or network growth metrics, but not all “macro” indicators apply to Bitcoin. In addition, some retail traders still rely on narratives such as the “four-year cycle,” or extended to a “five-year cycle,” which leads them to keep going long during drawdowns, resulting in larger losses.
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