As bitcoin evolves and institutional investors take a larger role in the market, the relevance of traditional terms are being questioned. Perhaps, even, bitcoin may not be the market hedge it once was.

With its market behavior diverging from established patterns, the cryptocurrency is entering uncharted territory.

This topic was discussed by Roundtable anchor, Rob Nelson; David Gokhshtein, founder of Gokhshtein Media; and Sue Ennis, head of investor relations at Hut 8, as they explored how bitcoin’s changing dynamics are reshaping market perceptions.

Rob Nelson began by questioning whether these traditional terms still hold for bitcoin, stating, "I'm almost wondering if those terms don't adequately apply anymore." He noted that bitcoin behaves differently from conventional assets, prompting further discussion on its unique position.

David Gokhshtein emphasized the significant impact of institutional involvement, saying, "We're just in a different market... the institutional players are here." He explained that firms like BlackRock and Fidelity now dictate the market's pace, which contrasts with the cycles driven by retail investors in previous years. Gokhshtein also suggested that bitcoin is in the "disbelief stage," similar to when gold’s ETF was first approved.

Sue Ennis agreed that institutional influence is stabilizing the market, remarking, "We're not going to see as much extreme swings." She highlighted how bitcoin is shifting from a speculative asset to a key component of institutional portfolios, resulting in more controlled movements.

Ennis also pointed to the broader economic environment, noting September's historically difficult trading conditions and upcoming factors like interest rate decisions and the 2024 election. She believes these elements are causing market uncertainty, but that a clearer direction for bitcoin will soon emerge.