[Farewell to US stock workers! BTC is tied to gold, but its elasticity far surpasses the big brother]
Glassnode's latest 90-day rolling correlation chart reveals the most hardcore qualitative change in this bull market:
In the past, people always complained that BTC was "a high-leverage follower of US stocks," with its correlation to gold hovering around 0 for years. But under the wave of macro debt out of control, the script has been completely rewritten:
Historic binding to gold: BTC's correlation with gold (orange line) soared to a record high in September (the highest point since statistics began in 2018), and it still firmly holds at a high level (right-side dashed circle);
Paradigm shift from the perspective of big money: During the period when US Treasury yields uncontrollably surged to 5.6%, BTC abandoned US stocks and rose in sync with gold; its correlation with the US dollar index even dropped to the historical bottom 10%!
This indicates that institutions have officially defined BTC as a macro hard asset. But be sure to see the essence: gold is a defensive asset, while BTC is a young hard currency that combines decentralization, inflation resistance, and huge growth potential. In the next two years, the aging gold trend is destined to be far inferior to the lightly equipped, liquidity-elastic Bitcoin!
Hold tight to your spot base positions, the main event is just beginning!
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