Bitcoin price action has been a slow grind higher over the last month, while Ethereum and other altcoins have posted notable gains.
This very much remains an environment where crypto capital markets are moving in lockstep with legacy markets.
The relationship between long-duration assets (growth stocks) and the US dollar remains integral to our macro crypto thesis.
We continue to maintain the view that the US dollar is the single biggest driver of risk assets and, by extension, cryptocurrencies.
Further USD weakness would be a tailwind, while a stronger dollar would place pressure on crypto.
Members of ASC Crypto can log in to access today’s note. Please sign in or start your risk-free 30-day trial today.
Lost Password?