I believe you meant to say Bitcoin is a "risk on" asset, given that you think it'll trade lower with the broad market. The idea of "risk on" and "risk off" is something made up by traders, who on average underperform the S&P 500. The S&P 500 has not reached a new all time high in gold terms since 2000. Bitcoin is an asset you want to HODL, if you want to protect against any of the following risks: confiscation, debanking, capital controls, or currency debasement.