Ideas
Bitcoin remains risk asset, not safe haven
Bitcoin has traded as a risk asset since inauguration, with high correlation to Nasdaq 100, no earnings, and large drawdowns; it is not digital gold or a reliable safe haven yet and needs currency-like volatility before it can earn that status. It may be useful in weak-currency countries but not in global risk-off stress.
DATs are poor crypto exposure
Digital asset treasury companies are not an attractive way to get crypto exposure because they often trade at a large premium to the underlying coins—effectively paying $2 for $1 of coins—and that premium dynamic has already played out poorly.
Gold is preferred safe-haven allocation
Gold is the preferred safe-haven hedge versus Bitcoin because it has much lower, currency-like volatility, a long history as a store of value, and investors are continuing to buy it in stress; Sosnick also says investors, especially in weak-currency countries, should have a big allocation to gold.
Silver is speculative crypto-like risk asset
Silver is being bought to some extent as a hedge, but it trades in its own speculative world and behaves more like the original/current crypto-style risk asset than a stable safe haven.
Stablecoins siphon safe-haven demand from Bitcoin
Stablecoins can absorb safe-haven and currency-substitution demand that might otherwise go to Bitcoin because, if properly backed by T-bills or hard assets, they offer fungibility and easy movement without Bitcoin's volatility; this is especially useful in countries like Argentina or Turkey, and stablecoins have taken some luster from Bitcoin.
Tokenized gold can siphon Bitcoin demand
Tokenized gold, while still a small part of the gold market, is seeing rising trading volume/AUM and could siphon demand from Bitcoin by combining gold's safe-haven properties with blockchain rails.
Tariff relief sparks risk-on equity bounce
Trump's withdrawal/postponement of tariffs tied to Greenland removes a key stock-market overhang created by tariff threats, so a risk-on bounce in US equities is warranted, though other macro headwinds such as a stronger yuan and weak Japanese bonds may prevent a full recovery; small caps/Russell 2000 are noted as part of the risk-on move.
Rising yields pressure US Treasuries
The 10-year Treasury yield breaking above 4.20%—especially with Japanese yields rising—is putting a damper on global and US bonds, making long-duration Treasuries unattractive or risky until the yield picture stabilizes.
JGB concerns dampen global bond markets
Lack of confidence in the Japanese government bond market is pushing JGB yields higher, eroding the long-end carry-trade yield advantage, weakening the yen, and acting as a damper on global bonds.
Yen weakness persists on JGB concerns
The yen is weakening against the dollar because lack of confidence in the Japanese bond market and the still-positive short-end carry trade discourage carry unwind; this yen weakness can persist and feeds into risk-asset tolerance.
This Unchained (Chopping Block) video, published January 24, 2026,
features Steve Sosnick, Steve Ehrlich
discussing BTC, Digital asset treasury companies, GLD, SILVER, STABLECOINS, SPY, IWM, TLT, Japanese government bonds, FXY.
10 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Steve Sosnick,
Steve Ehrlich
· Tickers:
BTC,
Digital asset treasury companies,
GLD,
SILVER,
STABLECOINS,
SPY,
IWM,
TLT,
Japanese government bonds,
FXY
