The Game Is Changing
Feb 16, 2024
• 9
Min Read
Breaking Away
While we maintain that macro conditions are still the most critical factor in assessing the medium/long-term trajectory of BTC prices, daily returns of the leading cryptoasset continue to exhibit a lack of defined correlation with any major macro asset.
To us, the biggest reason for this sustained lack of correlation is the advent of the spot BTC ETF. A prime example of how ETFs are influencing BTC's performance during US market hours occurred on Tuesday. We observed a significant divergence in the response of BTC versus gold following a hotter-than-expected CPI number.
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