Bitcoin’s resilience is forcing markets to take it seriously as Trump’s chaotic tariff flip-flops wreak havoc on global markets. Stocks and bonds have been swinging wildly since the U.S. president dropped his surprise 10% base import tariff on April 2—only to pause it just days later. But while traditional assets have stumbled, Bitcoin has been oddly stable.
Crypto Stays Calm while Markets Shake
“Despite the carnage in traditional financial markets, the crypto markets have been relatively orderly,” said NYDIG’s Greg Cipolaro in an April 11 note. He explained that Bitcoin’s volatility has stayed “relatively stable,” even though prices are still down 22.5% from January highs. According to NYDIG, Bitcoin has held better than many risk assets, and crypto liquidations following the tariff news were “well below other notable liquidation events.”
Tether did dip slightly below $1, but Cipolaro noted it didn’t crash. He also flagged that Bitcoin’s stability is drawing interest from funds that usually avoid crypto altogether. “Risk parity funds allocating to Bitcoin can help dampen its volatility,” he wrote, which in turn could create “a virtuous cycle of increased adoption and stability.”
Options Traders Go Big on $100K Bitcoin
Over on Deribit, traders have been piling into call options—specifically the $100K strike. That bet alone now holds $1.2 billion in open interest, making it the most popular option on the platform, according to Amberdata.
In a market update, Deribit said last week’s chaos prompted a shift from bearish puts to bullish calls. “Protective $75K-$78K puts were dumped, and $85K-$100K calls were lifted as BTC surged,” the update noted. The shift has also normalized the options skew, a key sentiment gauge that had shown heavy downside fear.
Analysts Say Bitcoin Looks Surprisingly Attractive
Cipolaro believes some investors are starting to see Bitcoin as a store of value “not tied to sovereign countries,” which could explain the muted panic. Still, others like Ruslan Lienkha from YouHodler are cautious. He told Cointelegraph that a potential “death cross” forming on Bitcoin charts could suggest more weakness if macro data doesn’t improve.
At the time of writing, Bitcoin is sitting at $84,562.
