Bitcoin seems to be asserting his independence, declaring, “I fancy a bit of disentanglement, thank you very much!” The stats back him up – the 90-day rolling correlation between his mood swings and Wall Street’s dramatics has plummeted to nearly zero, according to the folks at Block Scholes.
Bitcoin, the Independent Spirit
So, what’s up with Bitcoin’s newfound independence, you ask? After all, it’s been a good while since we saw such a disconnect.
If you rewind your clocks to 2021, Bitcoin was cavorting around its twin peaks, and Wall Street was practically his shadow.
As Andrew Melville from Block Scholes observed, the current situation relates to that peculiar period. Yet, instead of oscillating between peaks, Bitcoin is now marching to the beat of its own drum, seemingly indifferent to Wall Street’s high-stakes hustle.
“We Can Still Be Friends” – Bitcoin to Wall Street
Ironically, as Bitcoin attempts to put some distance between itself and Wall Street, the traditional financial world is only growing fonder of our digital upstart.
BlackRock, Fidelity, and Valkyrie are all trying to woo Bitcoin with their fancy ETF applications. Even Coinbase, the largest US spot bitcoin exchange, has found itself in a surveillance-sharing agreement akin to a matchmaking pact to bring Bitcoin closer to Wall Street.
But here’s the kicker, my friends. Despite all this institutional fluttering around Bitcoin, our enigmatic hero is not returning the favor.
He is not correlating his moves with the stock markets, not kowtowing to traditional financial institutions. He’s like a capricious cat who won’t let anyone predict his next move.
A Separation for the Better?
As an observer sipping on his pint, one can’t help but wonder – is this the start of a new chapter? Is Bitcoin disentangling himself from Wall Street to chart his own course, or is this just another temporary blip, a brief pause in their entwined dance?
Only time will tell, but for now, it seems Bitcoin is relishing its independence, unphased by Wall Street’s drama. Bitcoin might be the new kid on the block, but It’s certainly not afraid to stand on its own feet. Here’s to Bitcoin – long may its unpredictable spirit continue to confound us all!
Is Bitcoin’s “It’s not you, it’s me” moment here to stay or just a fleeting mood? One thing’s for sure: with Bitcoin, you can never quite predict what’s around the corner – and that’s what makes this story so bloody entertaining!