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Bitcoin's Macro Correlations
Bitcoin has long been touted as digital gold. However, despite both rallying to all-time highs in 2024, the correlation of BTC returns has been closer to US equities than gold. Now, following the first in the Fed's cycle of interest rate cuts, we re-examine the macro drivers of BTC spot returns and suggest a reason for BTC and gold's underperforming correlation that may have been resolved over the summer of 2024.
October 22, 2024
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