Bitcoin Closing In On $100,000: What's Driving The Surge?

Bitcoin's BTC/USD resilience is fueling speculation that it may be evolving into an equity alternative, a shift that could make it more stable and attractive during broader market turbulence.

What Happened: In an X post on May 1, CoinBureau CEO and co-founder Nic Puckrin referenced BlackRock's Robert Mitchnick, who suggested that Bitcoin could become a "low-beta" asset if investor behaviour shifts accordingly, drawing from George Soros's reflexivity theory, where belief shapes reality.

Mitchnick's thesis is being supported by recent price action: Bitcoin held steady even as equities slid during renewed U.S.-China tensions.

Notably, BTC was less volatile than the S&P 500 over a 7-day stretch, while $3 billion flowed into spot ETFs.

A growing share of long-term holders versus short-term traders may also be stabilizing the asset.

While it's too early to definitively label Bitcoin low beta, the trend is drawing attention as investors seek diversification.

"If enough people believe BTC is low-beta, it may actually start behaving like one," said Puckrin.

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Also Read: Bitcoin, Ethereum, XRP, Dogecoin Sentiment Rebounds As BTC Hits $97,000

Why It Matters: In a follow-up post on May 2, Puckrin highlighted that altseason historically begins ~320 days after each halving. Key triggers still missing are:

• Bitcoin dominance needs to fall below 54%, currently, it's still climbing.
• ETH/BTC remains weak, lacking signs of a bottom.
• The Fed must officially end Quantitative Tightening (QT) and signal rate cuts.

For altcoins to rally meaningfully, Bitcoin must break its all-time high without absorbing all the market's liquidity, Puckrin noted.

Still, tailwinds are forming: stablecoin supply is expanding, often a precursor to broader crypto gains, regulatory pressure is easing — fewer enforcement actions, more ETF filings and Trump's recent executive order is seen as broadly pro-crypto.

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