Bits + Bips: Bitcoin Finally Acted Like a Hedge. Will It Last? - Unchained Recap

Podcast: Unchained

Published: 2026-03-16

Duration: 48 min

Guests: Andy Baer

Summary

Bitcoin has recently shown signs of acting as a hedge amidst geopolitical tensions, with its price increasing despite global market uncertainties. The episode explores whether this trend is sustainable and what factors are influencing the crypto market's current dynamics.

What Happened

Amidst global geopolitical tensions, Bitcoin is finally acting as a hedge, with its price rising by 4% since the conflict began on February 28th. This episode examines whether this trend is sustainable and what could be driving Bitcoin and other cryptocurrencies to perform well when traditional safe havens are struggling.

Andy Baer, Managing Director of Asset Management at GSR, shares his insights, emphasizing the importance of the VIX as a measure of market volatility. Despite the global turmoil, the VIX remains at a 'yellow' level rather than 'red,' indicating some stability in the market.

The episode delves into the frustrating yet reassuring performance of crypto markets in recent weeks. Baer notes that despite some deleveraging events, Bitcoin has maintained a stable range, which could serve as a base for potential growth if positive catalysts emerge.

The discussion touches on the unexpected stability in tech equities, which are performing well despite economic uncertainties. Baer suggests that the market may have punished these assets in recent weeks due to fears around AI, leading to a potential rotation back into them.

The conversation shifts to the impact of 24/7 trading in crypto markets, with platforms like Hyperliquid and Polymarket seeing significant activity. However, Baer cautions that the participation of major market players in these platforms is still limited.

Finally, Baer explores the potential future of tokenized equities and perpetual markets, highlighting the challenges of achieving a mature and liquid market. He suggests that while perpetuals are innovative, they may not be fully compatible with traditional American trading practices just yet.

Key Insights

• Bitcoin's price has increased by 4% since the onset of geopolitical tensions on February 28th, indicating its potential role as a hedge during global conflicts.
• The VIX, a measure of market volatility, remains at a 'yellow' level despite global turmoil, suggesting some stability in financial markets.
• Crypto markets have shown stability with Bitcoin maintaining a consistent range, which may provide a foundation for growth if positive catalysts arise.
• Platforms like Hyperliquid and Polymarket are experiencing significant activity due to 24/7 crypto trading, although major market players' participation remains limited.