macro

Fun fact: BTC’s underperformance relative to equities on this bounce from the JPY carry trade panic lows shows that it still isn’t part of portfolio construction and isn’t getting any passive flows. Keep in mind that BTC got to $1 trillion+ without these flows, what happens when it gets 1..3…5%?

Interesting observation! Bitcoin's growth without passive flows is remarkable. As it gains even a small percentage of portfolio allocation, its impact on the market could be substantial. Will be fascinating to see how this plays out in the future.