🔥 The dollar has dropped by 10%, but BTC hasn't risen? JPMorgan has made it clear
According to CoinDesk,
Over the past year, the Dollar Index (DXY) has fallen by about 10%,
but Bitcoin has not only failed to rise but has instead fallen by about 13%.
The explanation given by JPMorgan's private banking strategist is very straightforward 👇
👉 This round of dollar weakness is more driven by short-term capital flows and sentiment
👉 It is not due to a structural shift in growth expectations or monetary policy
👉 In fact, the dollar interest rate differential has still favored the dollar since the beginning of the year
The result is:
BTC has not been regarded as a "dollar hedge tool",
but continues to be seen by the market as a "liquidity-sensitive risk asset."
The contrast is quite clear:
Gold ✅
Emerging market assets ✅
Bitcoin ❌ (for now)
When the dollar's weakness is not considered a "long-term narrative",
BTC finds it difficult to enjoy macro benefits.
In the eyes of Wall Street, it now resembles a high-risk asset rather than digital gold.
According to CoinDesk,
Over the past year, the Dollar Index (DXY) has fallen by about 10%,
but Bitcoin has not only failed to rise but has instead fallen by about 13%.
The explanation given by JPMorgan's private banking strategist is very straightforward 👇
👉 This round of dollar weakness is more driven by short-term capital flows and sentiment
👉 It is not due to a structural shift in growth expectations or monetary policy
👉 In fact, the dollar interest rate differential has still favored the dollar since the beginning of the year
The result is:
BTC has not been regarded as a "dollar hedge tool",
but continues to be seen by the market as a "liquidity-sensitive risk asset."
The contrast is quite clear:
Gold ✅
Emerging market assets ✅
Bitcoin ❌ (for now)
When the dollar's weakness is not considered a "long-term narrative",
BTC finds it difficult to enjoy macro benefits.
In the eyes of Wall Street, it now resembles a high-risk asset rather than digital gold.
