Bitcoin Outperforms Stocks in April, Shows Signs of Evolving Into a Macro Hedge Asset

Bitcoin Outperforms Stocks in April, Shows Signs of Evolving Into a Macro Hedge Asset

In April 2025, Bitcoin (BTC) outperformed traditional equity markets, signaling its growing potential as a macro hedge asset. However, its quick return to correlated trading patterns suggests that BTC is not yet fully decoupled from risk assets.

According to BeInCrypto, Bitcoin briefly diverged from stock markets in early April, as noted by Matthew Sigel, Head of Digital Assets Research at VanEck. Sigel reported a decline in BTC’s correlation with equities during this period. The divergence coincided with President Donald Trump’s aggressive tariff announcement, which rattled global markets. While the S&P 500 and gold prices declined, Bitcoin surged from $81,500 to over $84,500, hinting at shifting investor perceptions.

Yet, this separation faded by month’s end. VanEck, citing Artemis XYZ data, noted that BTC’s 30-day correlation with the S&P 500 dropped below 0.25 in early April but climbed back to 0.55 by month’s close. Their report concluded that Bitcoin still hasn't achieved meaningful separation from risk assets.

Despite this, BTC recorded a 13% gain in April, outperforming the Nasdaq, which fell 1%, and the flat S&P 500. Additionally, Bitcoin’s volatility dropped by 4%, even as stock market volatility doubled amid geopolitical tensions and trade uncertainty.

Structural Shift Emerging: Corporate Bitcoin Accumulation Rising

While Bitcoin's short-term moves remain uncertain, VanEck observed early signals of BTC maturing into a sovereign, uncorrelated macro asset. Sigel described this as the formation of "structural tailwinds." Notably, Venezuela and Russia's recent use of Bitcoin in international trade underscores this shift.

April also saw significant corporate BTC accumulation.

• New MicroStrategy added 25,400 BTC.

• Metaplanet and Semler Scientific announced new Bitcoin allocations.

• A consortium of SoftBank, Tether, and Cantor Fitzgerald launched 21 Capital, planning to acquire $3 billion in Bitcoin — reinforcing Standard Chartered's view of BTC as a hedge against traditional finance and U.S. Treasury risks.

Jeff Kendrick, Standard Chartered's Head of Digital Assets Research, remarked, “Bitcoin is a hedge against TradFi and U.S. Treasury risk, including potential leadership changes at the Fed.” He cited BTC’s resilience amid monetary uncertainty as a strength for diversified portfolios.

Altcoin Markets Struggle: Long-Term Rebuilding Needed

Meanwhile, altcoins struggled throughout April. Meme coins, DeFi-related AI tokens, and Layer-1 networks like Ethereum and Sui faced sharp declines.

• The MarketVector Smart Contract Leaders Index dropped 5%, down 34% year-to-date.

• However, Solana defied the trend, rising 16% on network upgrades and growing institutional interest.

• Sui saw its daily DEX volumes jump 45%, entering the top 10 smart contract platforms by revenue.

• Conversely, Ethereum fell 3% amid shrinking fee revenues, with its share of total fee income dropping from 74% two years ago to just 14% now.

Bitcoin’s April performance and relative stability could mark a pivotal moment, as VanEck concluded: “While BTC hasn’t fully decoupled from risk assets, the foundation for long-term independence is quietly being laid.”