$BTC correlation shift underway. 90-day NASDAQ correlation dropped from ~60% to 33%. Gold correlation climbed from near-zero to ~50%.
Macro driver: sovereign debt concerns, structural deficits, elevated real yields forcing rotation into hard assets. $BTC now trading more like digital gold than risk-on tech proxy.
Implication: if this holds, $BTC volatility profile may compress and institutional allocations could shift from alternative tech exposure to inflation hedge / portfolio diversifier bucket. Watch fiscal policy trajectory and real rates for confirmation.
Macro driver: sovereign debt concerns, structural deficits, elevated real yields forcing rotation into hard assets. $BTC now trading more like digital gold than risk-on tech proxy.
Implication: if this holds, $BTC volatility profile may compress and institutional allocations could shift from alternative tech exposure to inflation hedge / portfolio diversifier bucket. Watch fiscal policy trajectory and real rates for confirmation.
