Musings on safe havens

There's been quite the conversation around the merits of bitcoin evolving into a "safe haven asset," after the asset rallied more than 10% to start the month, amid rising trade tensions with China and a yuan devaluation that pushed the currency to its lowest point in U.S. dollar terms in over a decade. That shockwave reverberated through global markets, sending a majority of European and U.S. indices into the red for multiple extended trading periods that week.

But bitcoin held strong, and even led gains higher, leading some to dust of the narrative of bitcoin offering "insurance against global financial collapse," and crown it as a new safe-haven asset. Financial media even joined the party, with a number of articles making references to bitcoin as a safe-haven/sanctuary against broader market turmoil. We know what the pundits were saying, but what about the data?