Bitcoin decoupling from US stock market, 'digital gold' attribute may return

According to BlockBeats, on April 23rd, Bitcoin broke through the $90000 mark for the first time since early March, sparking optimistic expectations in the market that it will finally break free from its long-term association with the rise and fall of US technology stocks. On Tuesday, Bitcoin rose 6.77% cumulatively, and continued its upward trend at the beginning of the week, reaching a high of $93883 per coin. The US dollar index rebounded slightly after falling to a three-year low on Monday. Although the Nasdaq 100 index rebounded significantly after Monday's sharp drop, it is still far below its high in late February to early March. Previously, Bitcoin was briefly dragged down by a wave of risk asset selling triggered by Trump's tariffs, but has since rebounded more than 20% from its low on April 7th. During this process, the trading performance of Bitcoin began to resemble that of gold, an asset that has stood out in the face of tariff uncertainty and turbulence. Over the past week, Trump has fiercely criticized Federal Reserve Chairman Powell, accusing him of cutting interest rates too slowly, exacerbating investor anxiety, and reinforcing the claim that the "American exceptionalism" has come to an end. At the same time, the market's expectation for more detailed disclosure of the "Strategic Bitcoin Reserve" plan in the coming weeks is also an important catalyst for the rebound of cryptocurrency assets. There are also signs of bullish demand rebounding in the Bitcoin futures and options markets. A clear signal is that the Bitcoin spread on the CME, which is the difference between spot and futures prices, has climbed to a three-month high, while the number of open contracts has moderately increased.