Summary
- Tactically, the trailing 3 month Bitcoin-Gold and Bitcoin-Nasdaq ratios still remain near the lower end of historical ranges, suggesting some short-term mean-reversion tailwinds for bitcoin to outperform gold/equities.
- Cyclically, the growth and inflation backdrop is supportive of Bitcoin & risk assets, but a low margin of safety in liquidity suggests gold is still likely to lead.
- We highlight some of our new leading indicator frameworks and plans for the build out of our macro offering this coming year.
Tactically, Bitcoin is bouncing off support levels versus gold…
… and versus the Nasdaq.
This suggests some short-term mean-reversion tailwinds for bitcoin to outperform gold/equities. However, these bounces have been both short and long lived, with the duration being dependent on the current macro regime. So what regime are we in?
Some context on what the markets team is building
The markets team is acti
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