From Steno Research:
Bitcoin has passed the portfolio test with better grades through 2023 than Gold. When markets were scared and rates dropped markedly in the aftermath of the SVB crisis, Bitcoin rallied early in response to the first signs of a balance sheet increase from the Fed.
This is exactly what Bitcoin is nowadays; namely a hedge against a debasement of the central bank balance sheet, which for example happened during the banking turmoil in March when the Fed started handing out freshly printed USD liquidity right, left and center.