Bitcoin is often sold first during macro risk events because its perpetual futures–driven market structure embeds a persistent long bias and positive funding, making short exposure structurally easier and often cheaper during periods of stress. In the Perpetual Futures market, Bitcoin has exhibited a long-term bullish bias since its inception, with funding rates remaining positive (longs paying shorts) most of the time; Gold typically rises during macro stress events as investors add safe-heaven exposure. Bitcoin is frequently sold. This is more related to the perpetual funding structure instead of the “risk-on” or “risk-off” asset labels