This counterintuitive thinking by ARK Investment is the reason why we subscribe to their “The Bitcoin Monthly” report. While everybody complains about bitcoin’s dance in unison with the stock market, they keep it cool and even frame it as an opportunity. Which it is. It’s not ideal that traders treat bitcoin like a risk-on asset, but there’s certainly logic behind it. Short-sighted people see bitcoin as an investment vehicle and little else. https://twitter.com/yassineARK/status/1532854400955338752 In our first article about “The Bitcoin Monthly,” we defined it as: “Over at Twitter, ARK Analyst Yassine Elmandjra described “The Bitcoin Monthly” as: “Starting this month, ARK will be publishing an in-depth report covering Bitcoin’s market action and sharing where we think the market’s headed.” On ARK’s website, they describe the new venture as: “Considering the market’s fast pace of change, ARK publishes The Bitcoin Monthly, an “earnings report” that details relevant on-chain activity and showcases the openness, transparency, and accessibility of blockchain data.” BTC p- S&P500 Correlation | Source: “The Bitcoin Monthly” ARK On Bitcoin’s Correlation With The S&P 500 When the Russia/ Ukraine conflict started, it seemed like bitcoin not in synch with traditional markets anymore. However, the shift quickly turned. By May, “Bitcoin’s correlation with the S&P 500 reached an all-time high of 80%.” The previous AT...
