While the flash crash on Dec. 9 momentarily disrupted what has been a remarkable bull run, it’s critical to zoom out and examine the broader picture to understand what’s cooking in the market.
First, the macroeconomic backdrop continues to play an instrumental role. The U.S. dollar has faced consistent depreciation in its purchasing power. 
As pointed out by The Kobeissi Letter, both gold and Bitcoin, often touted as hedges against fiat currency debasement, are in “a perpetual bull market when indexed against the U.S. dollar”, reflecting broader acknowledgment of Bitcoin as a store of value. 
Adding fuel to the crypto narrative is the unprecedented growth of institutional adoption. The spot Bitcoin ETF, trading under the ticker IBIT, has shattered records by surpassing $50 billion in assets under management within just 228 days. For context, the gold ETF (GLD) took more than five years to achieve the same milestone.

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