BTC Breaks Away From Equities, JTO Offers Best R/R in “Casino Stack”
BTC Decoupling from Equities
Over the past two weeks, BTC has begun to decouple from other risk assets. While the broader macro environment experienced choppy conditions from November 12th through yesterday, BTC has appeared indifferent to fluctuations in risk appetite, continuing its upward momentum and approaching the $100K milestone.
A chart of BTC correlations highlights this decoupling, with sharp declines in its correlation to the QQQ, SPX, and IWM. The disconnect from IWM, in particular, stands out, as BTC has maintained a relatively strong correlation with small-cap equities since the start of this bull market. The last time we saw such a divergence was over the summer, when BTC was weighed down by a significant supply overhang.
We attribute this recent decoupling to two primary factors:
- Large Corporate Buyers (e.g., MicroStrategy, Marathon Digital, Semler Scientific, Metaplanet)
- Regulatory Risk Repricing
Impact of Corporate Buying
The influence of large corporate buyers is certainly apparent. MSTR has aggressively leveraged its premium to book value by raising capital through equity sales and convertible notes to acquire more BTC. Since early November, the company has sold over $6 billion in equity and just yesterday closed a $...Unlock this article by joining our Community!
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