Some analyses suggest that cryptocurrencies are less of a safe haven than gold and lag behind AI in risk attributes. Currently, their appeal to funds is waning. Bitcoin's price is stagnant, trading volume is sluggish, and long-term believers are shifting towards precious metals and the stock market. On-chain data from CryptoQuant shows that Bitcoin holders have entered a phase of realized losses, the first since 2023. Even if spot prices haven't crashed, more investors are cutting losses and exiting, indicating a decline in confidence. According to Bloomberg data, over $1.3 billion has been withdrawn from Bitcoin-related funds in the past week, continuing the trend of crypto ETF withdrawals. Recently, the performance of cryptocurrencies like Bitcoin has significantly lagged behind gold and silver price movements, raising doubts about Bitcoin's role as a macro hedge. Despite escalating global tensions, assets like Bitcoin, often called digital gold, remain stagnant.

Duke University professor Cam Harvey previously stated that Bitcoin is unlikely to replace gold as investors' preferred safe haven asset.
Analysts from Citigroup and cryptocurrency firm Tagus Capital also pointed out that Bitcoin's inflation hedge function is at best sporadic, influenced more by liquidity, risk appetite, and flows into tech stocks rather than a sustained connection to dollar weakness or geopolitical pressures.