Glassnode has underscored the impressive endurance of hard assets like Bitcoin and gold, even as global economic conditions remain turbulent. In its April 16 update, the on-chain analytics firm emphasized that these assets continue to outperform traditional investments, despite ongoing macroeconomic challenges.
Gold Breaks Records While Markets Face Volatility
Volatility in U.S. Treasury yields—ranging from 3.7% to 4.5%—has sparked uncertainty across financial markets, impacting both bonds and equities. According to Glassnode, the elevated readings in the MOVE and VIX indexes illustrate significant stress among investors, who are increasingly pivoting toward safe-haven assets.
Amid this environment, gold surged to an all-time high of $3,354 per ounce, up 26% year-to-date. This performance has strengthened Glassnode’s case for hard assets, as investors seek protection from rising risks in global trade and monetary policy shifts.
Glassnode Sees Resilience in Bitcoin’s Current Cycle
Glassnode pointed out that although Bitcoin experienced a 32% drawdown—the most significant of this cycle—it remains notably more stable than during past corrections. The firm highlighted that the median drawdown this time is “considerably shallower” than those in previous market cycles.
This indicates a stronger demand profile and suggests that Bitcoin investors are more willing to hold through volatility. Glassnode observed that capital inflows have reached a relatively neutral state, with balanced profit-taking and loss realization, which may contribute to a prolonged consolidation phase.
Bitcoin Holds Steady Near Key Levels
Bitcoin touched an intraday high of $85,300 on Wednesday before dipping to around $84,340 during Thursday morning’s Asian trading session. The asset has stayed confined within a tight range over the past five days and continues to move sideways within a broader channel established since early March.
Despite the ongoing three-month downtrend, Glassnode analysts believe the slope is becoming less steep—signaling the possibility of an extended consolidation period before a decisive breakout.
Glassnode’s Outlook on Hard Assets Remains Bullish
In conclusion, Glassnode remains confident in the enduring value of Bitcoin and gold as macroeconomic pressures persist. The firm’s analysis reveals that both assets are showing maturity in their market behavior, with Bitcoin in particular displaying increasing resilience during periods of heightened volatility.
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