Bitcoin (BTC) fell early in the U.S. trading session, but mostly held firm as poor macroeconomic news rolled in.

The top cryptocurrency late in the day was trading just below $95,000, up 0.5% over the past 24 hours. The CoinDesk 20 — an index of the top 20 largest cryptocurrencies by market capitalization excluding memecoins, exchange coins and stablecoins — was roughly flat over the same time frame.

Crypto stocks like Coinbase (COIN), Strategy (MSTR) and the miners were losing modest ground after big gains last week. Notable exceptions included Janover (JNVR) and DeFi Technologies (DFTF), ahead 24% and 6.5%, respectively even as SOL — the token which both companies are aggressively accumulating — fell about 3% during the U.S. day.

Meanwhile, gold rose almost 1% and the dollar index fell 0.6%. The S&P 500 and Nasdaq each peaked into the green late in the session after earlier dipping more than 1%.

The Dallas Fed Manufacturing Index, a typically little-noticed economic data point, plunged to -35.8 from -16.3 last month — much worse than analysts’ expectations of a -14.1 print and the worst performance since COVID upended the world economy.

“Pretty horrible Dallas Fed Manufacturing Survey. Level hits the lowest since May 2020,” Joe Weisenthal, co-host of the Odd Lots podcast, posted on X. “All the comments are about tariffs and policy uncertainty. Add it to the list of bad soft/survey data.”

Hostilities between India and Pakistan might also have added to market jitters, with Pakistani Defense Minister Khawaja Muhammad Asif claiming that an Indian military incursion into Pakistan was imminent. Last week 26 people were killed in a terrorist attack in Pahalgam, a popular tourist destination in Indian-controlled Kashmir. The two countries have exchanged fire since.

A widely followed crypto analyst and trader is forecasting that Bitcoin (BTC) will start outperforming gold.

In a new video update, the host of InvestAnswers tells his 565,000 YouTube subscribers that the top crypto asset by market cap should outpace gold over the coming months, as he says the precious metal looks overextended following its parabolic rally to $3,500.

“If you look at the steady correlation between Bitcoin and Nasdaq, it is extremely tight because Bitcoin is considered a risk asset, [while] gold is considered a risk-off asset. But here, if you look at the Bitcoin/gold correlation, it fluctuates very heavily. Half the time, not correlated; half the time, it is correlated.

So there’s no signal of direct correlation and Bitcoin has already had a great post-halving, and in fact, we had hit a new all-time high before the halving, which has never happened before with Bitcoin. But its correlation with gold remains low.

Now, if I look at this chart and just like a caveman would, what do I interpret? I expect the correlation to increase with gold as the broader dynamics of the market will shift as well. I also believe gold is overbought, so I see gold mean-reverting and I see Bitcoin going up versus gold over the next six months.”

InvestAnswers says a summarized interpretation of his analysis would be that the flagship digital asset is lagging behind gold and will start to outpace the precious metal during the next six months.

BTC is trading for $93,870 at time of writing, a fractional decrease during the last 24 hours while gold is valued at $3,283 per ounce, a marginal decrease on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Veteran macro investor Luke Gromen says he likes Bitcoin (BTC) due to its potential to influence demand for US Treasuries.

In a new video update, the founder of the macroeconomic research firm Forest for the Trees (FFTT) says the Trump administration is in a position to boost demand for US bonds after the president signed an executive order creating a Strategic Bitcoin Reserve.

A Bitcoin bull market typically increases demand for dollar-pegged crypto assets, and according to Gromen, could ultimately drive demand for US Treasuries.

“Note that the Trump administration is still talking about putting T-bills (Treasury bills) into stablecoins, using stablecoins as a means to drive demand for T-bills. And obviously, they’ve talked about the Strategic Bitcoin Reserve.

Left unsaid in all of that is that the higher the Bitcoin price, the more stablecoin demand, the more T-bill demand there is…

I think the underlying theme of [the] US government desperately needs balance sheet and stablecoins and therefore Bitcoin can help the US government find balance sheet. I think that is absolutely still in play.

It’s one of the reasons why we still like Bitcoin over the intermediate longer term.”

Stablecoin issuers such as Tether and Circle predominantly rely on Treasury bills to back their coins on a 1:1 basis. As of December 2024, Tether has invested over $94.47 billion in T-bills to back USDT. Meanwhile, Circle owns $22.047 billion worth of T-bills as of February of this year to back USDC.

Additionally, two stablecoin bills that are progressing through Congress, the STABLE Act of 2025 and the GENIUS Act of 2025, require issuers to invest in T-bills and other real-world assets to back their coins.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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