There's no denying the fact that crypto and macro have become intertwined in recent times.
We'd even go far as to say that Bitcoin is a macro asset. I think over time, as its market capitalization grows, the correlation to traditional assets will remain concentrated, as Bitcoin will eventually go on to exhibit gold-like returns.
Some will ask what it'll take for Bitcoin to decouple from equities. This is often a great and insightful discussion. But, like most elements relating to financial markets, we need to see them for how they really are, not how we want to see them.
When it comes to the macro landscape, it's clearly been difficult to ignore what's taking place in yields. The carnage in the bond market is, by historical measures, extreme.
The first lesson you learn in any university finance program is that higher yields negatively impact long-duration assets -- you're seeing this take place right here and now.
The Nasdaq is trading tick-for-tick with US Treasuries over recent weeks:
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