Bitcoin macro reset: $1T US stock wipeout reshapes risk pricing as leverage falls

A $1 trillion one-day wipeout in US stocks is accelerating a global “macro risk” reassessment, according to Bitget CEO Gracy Chen. Speaking as tariff-driven inflation fears and geopolitical conflict weigh on capital markets, Chen said the selloff is pushing investors to reprice macro risk faster—especially as energy prices (oil) rise again. For traders, the key takeaway is how Bitcoin is reacting. Chen argued Bitcoin is drawing less downside than typical risk assets, behaving more like a “neutral portfolio allocation” rather than a pure risk-on trade. She also pointed to a major mechanism: derivatives leverage in crypto has dropped, which should reduce forced-liquidation cascades that normally amplify drawdowns. The article notes Bitcoin was around $66.5k at the time of reporting (about -4% on the day), while broader equities were being hit harder and institutional crypto structures have “largely held.” It also references spot ETF flow weakness (including outflows), but not the same kind of capitulation seen in prior crashes. Overall, the message for markets is that Bitcoin’s relative stability is increasingly linked to macro conditions (energy, inflation, geopolitics) and a more orderly deleveraging backdrop—meaning short-term volatility can persist, but liquidation-driven crashes may be less extreme than before.