$BTC | Square is trading on bets for three more Fed hikes. On the desk, financing legs move on the bet itself, not the decision. The Nasdaq 100 is the most rate-sensitive major US index because its earnings are long-dated, and the 10-year yield behind it is effectively its discount rate. SatoshiMacro's Nasdaq 100 tracker shows BTC's rolling 90-day correlation to the NDX averages 0.37 since 2020, but tightening shocks pushed it to 0.65 in May 2022. My read is this spike has further to run. Limitation: it fades hard around halvings or ETF launches, and the ASX-listed NDQ still costs AU holders 0.48 percent a year versus QQQ's 0.20 percent.
https://satoshimacro.com/tools/crypto/markets/nasdaq-100/?utm_source=binance_square&utm_medium=social&utm_campaign=autopilot_trend
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