Something happened in crypto this week that has never happened before. It acted as a safe haven.

Prior to the most recent period, every time the market fell, Bitcoin fell more. A few examples below:

From January 2018 through April 2018, the S&P 500 fell 10%. Bitcoin fell 35% over the same time.

From September through December 2018, the S&P 500 fell 20%. Bitcoin fell 43% over the same time.

From February through March 2020, the S&P 500 fell 34%. Bitcoin fell 54% over the same time.

From January 2022 through October 2022, the S&P 500 fell 25%. Bitcoin fell 60% over the same time.