Recent Bitcoin Pullback Underscores It’s More Than a High-Beta Tech Proxy

Bitcoin Outperforms Key Tech Names as Markets Digest Global Uncertainty

Amid rising economic tension and a spike in gold prices, Bitcoin is proving more resilient than expected—even as it slides 26% from its record high.

The U.S. dollar index (DXY) has dipped below 100, and gold has reached new all-time highs as investors react to mounting tariff-driven uncertainty. Risk assets have broadly declined in response, particularly in the tech and crypto sectors.

Bitcoin (BTC), which topped out at $109,000 in January, has since fallen by 26%. While that may seem steep, it compares favorably to several members of the “Magnificent Seven” tech stocks. Tesla (TSLA) is the worst hit, down nearly 50%, followed by NVIDIA (NVDA) with a 31% decline. Apple (AAPL), Meta (META), Google (GOOG), Amazon (AMZN), and Bitcoin all sit near the 26% mark, while Microsoft (MSFT) leads with a milder 18% pullback.

The relatively contained decline for Bitcoin is notable when compared to previous cycles. During a similar three-month stretch in late 2021, BTC plunged 45%, far outpacing losses in the tech sector. Now, it sits firmly in the middle of the risk-asset pack.

This shift suggests a growing maturity in Bitcoin’s behavior—less reactive, more stable, and increasingly viewed as a serious asset class rather than just a speculative tech proxy.