Is Bitcoin finally decoupling from U.S. equities?

The crypto market is teetering on getting interesting again.

Bitcoin has now surged past the US$93,000 mark, decisively breaking above the level tapped on April 2, the same day U.S. President Donald Trump announced a fresh round of trade tariffs.

Back then, momentum faded. BTC chopped sideways and drifted lower. But this latest rally is a strong signal that markets have not only shrugged off tariff fears but may be entering a new phase altogether.

Now, let’s talk about decoupling, a word that often makes crypto natives a little uneasy.

What do we mean by decoupling?

In this case, it’s about crypto (specifically Bitcoin) breaking away from its usual correlation with traditional risk assets, like U.S. tech stocks.

Historically, BTC has traded in step with equities. It outperforms on the way up, underperforms on the way down. But if you look at recent charts, especially against the Nasdaq, you’ll notice a subtle shift: as equities have pulled back, Bitcoin has held steady and even crept up.

Bitcoin vs. Nasdaq (May 2021 – April 2025)

Bitcoin is holding firm while U.S. equities pull back, highlighting early signs of decoupling. Chart as of 23 April 2025. Source: TradingView.

For now, at least, crypto is outperforming in an equity downtrend. That’s a clear sign of early-stage decoupling.

A moment crypto bullievers have been waiting for

For years, Bitcoin believers have hoped to see it behave more like digital gold, a safe-haven asset unlinked from the chaos of equity markets. While that narrative hasn’t always held up in price terms, the recent rally above US$93K adds weight to the idea that it could finally materialise.

And the current global backdrop might just be the perfect environment for that shift.

The liquidity shift that could change everything

Bitcoin’s correlation with U.S. equities has largely been anchored in U.S.-led global liquidity. Post-COVID, America’s economic policies and risk appetite have set the tone for markets worldwide, and Bitcoin has been along for the ride.

But that dynamic is starting to shift.

Trump’s trade policy focus, especially on reducing deficits, has weakened the U.S. dollar and sparked capital outflows. That opens the door for other global regions to drive liquidity, giving Bitcoin room to operate as a more independent, global asset.

In this new regime, BTC could become a neutral asset of choice:

• Not tied to U.S. tech stocks

• Not exposed to the geopolitical risks of foreign equities

• And positioned to benefit from broader global liquidity

Narrative is everything in crypto

In this space, narratives steer investor sentiment. And the more Bitcoin shows signs of decoupling, the stronger that story becomes.

We once thought the next bull market would be fuelled by U.S. adoption and other nations following suit. But perhaps this time, it will be driven by capital exiting the United States, looking for a safe, neutral, global home.

As I mentioned in my recent interview on ausbiz, Bitcoin’s resilience amid falling U.S. equities is more than just a technical move. It’s a signal that capital may be seeking neutrality. That’s a narrative shift worth paying attention to.

Personally, I’d rather see crypto thrive as a neutral system, independent from the influence of any single government’s decisions. That’s a far more sustainable (and frankly, interesting) path forward.

But with BTC now above US$93K and holding strong, we might be seeing the early stages of something bigger. This could be the start of a broader narrative shift, one where Bitcoin steps into its role as a global, neutral asset in uncertain times.

Either way, I’m firmly in the crypto bulliever camp.

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