“The idea of a clean four-year Bitcoin cycle has clearly broken down,” Rachel Lin, CEO of SynFutures, told Decrypt. “Institutional participation, ETFs, and macro-driven flows now matter more than halving narratives alone.”
However, VanEck’s cautious house view is not unanimous.
The firm’s head of digital assets research, Matthew Sigel, and portfolio manager David Schassler are noted as remaining “more constructive on the immediate cycle,” underscoring an active internal debate.
“Investors are adjusting their positioning, increasing allocations to spot Bitcoin and derivatives as part of broader portfolio strategies rather than timing purely cyclical peaks and troughs,” Gracy Chen, CEO at Bitget, told Decrypt.
This crypto divergence stands in contrast to the firm's clearer constructive stance on other risk assets, which it attributes to a rare “clarity around fiscal policy, monetary direction, and major investment themes.”
Green signal for traditional marketsAI-related stocks look “more attractive today” than at their October peaks following a recent correction, the post stated.
Similarly, the firm sees gold re-emerging as a “leading global currency,” driven by central bank demand. While acknowledging gold appears “somewhat extended” technically, VanEck views pullbacks as a “good opportunity” to add exposure.
“Gold remains a constructive allocation... more about stability and capital preservation than outsized upside at this stage,” Lin said.
Chen echoed that gold serves as a “portfolio stabilizer,” but noted returns will likely “favor investors who manage exposure dynamically.”
“If Fed independence is seriously questioned, it could accelerate diversification into non-sovereign assets,” Lin said. In that scenario, Bitcoin, in particular, “stands to benefit alongside gold,” potentially redefining its status as a monetary hedge.
