This paper examines the relationship between U.S equities, gold, Bitcoin and short term government debt over the three years from January 2022 to December 2024, a period defined by the fastest Federal Reserve rate hiking cycle in four decades, the beginnings of a cutting cycle, alongside the January 2024 approval of spot Bitcoin exchange-traded funds. Using a monthly return rate data and a risk-free rate derived from Treasury bill yields, this study calculated Sharpe and Sortino ratios, a six-month rolling beta for Bitcoin and gold against the S&P 500 as well as a pairwise correlation matrix across all three price based assets which is set against the Federal Funds Effective Rate as a contextual overlay. The findings show that gold recorded the highest risk-adjusted return among the three assets. This was the case for both the Sharpe and Sortino ratios. Bitcoin’s beta against the S&P 500 also changed significantly during the period studied. It moved from below zero to above four within a few months. This increase occurred during the period following the approval of the Bitcoin ETFs. However, Bitcoin’s beta later fell again as the Federal Reserve approached its first rate cut in late 2024. Bitcoin’s correlation with the S&P 500 (0.571) was substantially stronger than gold’s (0.243). In comparison, Bitcoin and gold themselves had only a weak correlation of 0.299. Overall, these results suggest that Bitcoin behaved more like a volatile and equity-adjacent asset rather than an independent store of value during this period. The study connects this pattern to prospect theory and loss-averse behaviour.