Here's a list of risk-off assets:

• gold
• silver
• cash
• money markets
• bonds
• savings accounts
• certificate of deposit
• real estate

Here's a list of risk-on assets:

• securities
• leveraged derivatives (securities)
• tech stocks (securities)
• penny stocks (securities)
• ETFs (securities)
• mutual funds (securities)

Now, your job is to put Bitcoin into one of these categories.
Oh look at that you just categorized it as risk off.
Isn't that weird?

The argument that "risk-off" doesn't mean "zero-risk" is a strawman.
Risk-off means risk-off means risk-off.