Cryptocurrencies are developing **split-personality risk profiles** amid global uncertainty:  

**1️⃣ Short-Term Vulnerabilities**  
→ High correlation with Nasdaq during liquidity crunches (e.g., -35% BTC drop in 2022 Fed hikes)  
→ Leverage-induced selloffs amplify drawdowns  

**2️⃣ Emerging Hedge Characteristics**  
✓ **Dollar Weakness Play**: BTC outperformed S&P 500 during 2023 regional banking crisis  
✓ **Geopolitical Flows**: 20% USDT volume spikes in sanction-hit economies  
✓ **Institutional Adoption**: Gold-like store-of-value narrative grows (47% of ETFs held by pension funds)  

**Critical Threshold**: Bitcoin holding $60K could confirm its *digital gold* transition, while altcoins remain high-beta gambles. (140/140)