Why has Bitcoin outperformed stocks by 12% since “Liberation Day”?

Investors are starting to doubt the U.S.’s status as a “safe haven,” which could be favorable for Bitcoin, according to analysis from BCA Research.

The firm maintains a defensive stance — underweight on equities, overweight on fixed income, and underweight on the U.S. within its equity portfolio — as foreign investors boycott American assets, fearing policies targeting capital rather than trade, the latest investor note states.

Meanwhile, the company has included Bitcoin in its analysis, stating that it is time to upgrade the digital asset from underweight to neutral. This comes after BCA adopted a “tactically bearish” position in February, citing overly optimistic sentiment at the time.

“Bitcoin should benefit in a world where investors are retreating from U.S. assets,” the note says. “Sentiment has dropped from extremely high levels. The share of realized market capitalization from recently traded coins has dropped significantly since the start of the year.”

Since April 3 — the day after President Donald Trump introduced his initial tariff policy that shook the markets for several weeks — BTC has risen about 12%, according to Coin Metrics. Over the same period, spot gold has gained 8%, while the Nasdaq Composite index has remained flat.

“U.S. economic growth has been resilient so far. But the lack of clarity on tariff policy has led to a sharp decline in investment intentions,” BCA says. “Sharp movements in interest rates have also revived weakness in the housing sector.”

“Although the Trump administration has backed off from some of its aggressive rhetoric, companies still need clarity on future policy in order to resume investments,” they add. “If that doesn’t happen soon, a deeper economic slowdown will follow.”