XBTO CEO: ETFs, hedging and corporate treasuries mute bitcoin as gold absorbs stress

Philippe Bekhazi, CEO of crypto trading firm XBTO, told CoinDesk in an interview that exchange-traded funds, derivatives hedging and corporate treasuries are compressing bitcoin swings while metals are absorbing the macro stress trade in 2026.

Bekhazi said those three forces—ETFs, hedging via derivatives and corporate treasuries—are acting to reduce BTC volatility, according to the interview.

He also described metals as taking on the macro stress trade, a tendency the interview linked to stronger performance for assets such as gold while bitcoin remains relatively quiet.

Those comments reflect Bekhazi’s assessment in the CoinDesk interview; the piece does not provide additional data, timing or forecasts beyond his remarks.

Key Topics

Crypto, Philippe Bekhazi, Xbto, Bitcoin, Etfs, Corporate Treasuries