A View Into ‘22

Key Takeaways

Macro continues to dominate the crypto discourse as the 90-day rolling correlation between BTC and the BVP Emerging Cloud Index approaches 1.We discuss our thoughts pertaining to where Bitcoin sits on investors’ risk curves, how it will move to a lower risk bucket in 2022, and why this would be a major tailwind for the asset.SOPR gives us a view into the profile of recent sellers. Meanwhile, long-term holders continue to accumulate, siphoning supply from “paper hands.”We investigate the concept of dormancy flow and the bullish signal it might be providing investors.Bott...