Is Bitcoin Signaling The End Of The Credit Cycle?
Macro Liquidity Breakdown:
Main Ideas:
The short-end plumbing is NOT impacting broad beta flows
We are seeing dispersion and rotation as opposed to a macro inflection point
The unrealistic expectations of Bitcoin’s returns stem from narratives as opposed to a rigorous analysis of the price action and macro flows
The signals for WHEN Bitcoin will rally and outperform can only be derived when viewing it in its place on the risk curve relative to equity beta.