The past seven days have seen bitcoin (BTC) hover between $91,000 and $102,000. Analysts at crypto exchange Bitfinex revealed that the cryptocurrencys stagnation in this range has extended its consolidation phase to more than 75 days.

According to the latest edition of the Bitfinex Alpha report, bitcoins prolonged range-bound movement reflects its maturity as an asset and its diminishing volatility, which has hit an all-time low. However, it also shows that BTC is now behaving more like a risk-on asset, in line with traditional equities, than a store of value, which it has often been referred to as.

BTC Extends Consolidation Phase

Bitcoins extended consolidation phase does not negate the assets reaction to macroeconomic conditions, particularly U.S. President Donald Trumps tariff announcements against China, Canada, and Mexico.

While BTC responds to macro developments, its correlation with traditional equities has continued to hold. The cryptocurrency is now among the worlds largest assets, with a market cap of roughly $2 trillion, surpassing heavyweights like silver, Saudi Aramco and Meta. Bitfinex said this highlights BTCs growing influence and importance in the global financial landscape.

Notably, the plunge in bitcoins realized volatility signals that the asset is stable despite short-term fluctuations. This shows that broader global macro forces are playing a more significant role in its performance.

BTC was worth $98,275 at the time of writing, with no significant price changes in the past week and 24 hours. It has remained below $100,000 over the past week.

Risk-on Asset, Less Store of Value

Bitfinex also noted that investors are increasingly viewing BTC as a high-beta risk asset rather than a store of value referred to as digital gold. Bitcoins recent market behavior highlights a strengthened correlation with the SP 500 but a declining correlation with gold.

This shift suggests that Bitcoin is increasingly behaving like a risk-on asset, more aligned with traditional equities, rather than maintaining its original store of value narrative. This changing dynamic is a key consideration for investors as they evaluate Bitcoins position in their portfolios and its role within the broader asset class of cryptocurrencies, the exchange stated.

While BTC has recorded a 3.5% increase this year, gold has been ahead with a 9.02% gain, reaching an all-time high of $2,880 per ounce earlier this month. According to Bitfinex, gold is considered a more established store of value than BTC.