Unchained Bits + Bips: Bitcoin Finally Acted Like a Hedge. Will It Last?
13 snips
Mar 16, 2026 
Andy Baehr, managing director of asset management at GSR and former CoinDesk Indices lead, brings market-structure chops to a turbulent moment. He explains why bitcoin held a steady “base camp” during the Gulf crisis. Short takes cover VIX signals, 24/7 tokenized markets, perps vs futures, and whether tokenization demand is real.
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Bitcoin As Base Camp During Geopolitical Shock
- Bitcoin held a low-volatility "base camp" during the Iran conflict, showing stability rather than a dramatic flight-to-safety spike.
- Andy Baehr highlights a tight range (≈$65–71k BTC) and values the steadiness over the modest 4% move since Feb 28.
Use VIX To Gauge Crisis Intensity
- The VIX is Andy's first go-to gauge of crisis severity because it reflects institutional demand for equity downside protection.
- A VIX ~26 signals "yellow" — higher risk than normal but far from the acute crisis levels (40+).
Hold Dry Powder In Dislocated Markets
- When markets feel dislocated and "nothing is where it should be," stay observational and hold dry powder rather than forcing trades.
- Andy recommends patience and avoiding heavy activity amid unclear liquidity and sentiment.