Where is the so-called "digital gold"?

Where is the so-called "hedge asset"?
Sorry, in the face of real geopolitical conflicts, in the face of real energy crises, Bitcoin is now a high-risk asset.
Institutions think simply: oil prices surge → inflation can't be contained → Federal Reserve dares not cut interest rates → liquidity tightens → sell off volatile coins, switch to cash, switch to oil ETFs.
It's that straightforward. It's that real.
You think it's a hedge, but institutions only see you as volatility.