𝗕𝗶𝘁𝗰𝗼𝗶𝗻’𝘀 𝗧𝗲𝗰𝗵-𝗦𝘁𝘆𝗹𝗲 𝗦𝗹𝗶𝗱𝗲 – 𝗛𝗲𝗮𝗱𝗲𝗱 𝗳𝗼𝗿 𝗠𝗼𝗿𝗲 𝗣𝗮𝗶𝗻?
Bitcoin is increasingly trading like a high-beta tech stock, not “digital gold,” as its correlation with U.S. software names spikes while stress builds in the $3T private credit complex.
📉 30-day correlations with software and the Nasdaq sit near multi-year highs, while flows show spot BTC ETFs bleeding capital for multiple weeks in a row — classic risk-off behavior in growth portfolios, not a macro hedge.
⚠️ The shared fault line is private credit: software borrowers are heavily represented in private loan books, and AI-driven disruption is now pressuring revenues, leverage ratios, and default expectations across those deals.
💸 As software reprices lower and private credit marks get questioned, managers are cutting exposure to “growth risk” in aggregate — and Bitcoin, now bucketed alongside tech, is getting sold as part of the same de-risking trade.
💭 𝗜𝘀 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗱𝗼𝗼𝗺𝗲𝗱 𝘁𝗼 𝘁𝗿𝗮𝗱𝗲 𝗹𝗶𝗸𝗲 𝗮 𝗹𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝗱 𝘀𝗼𝗳𝘁𝘄𝗮𝗿𝗲 𝗲𝘁𝗙 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗿𝗲𝘀𝘁 𝗼𝗳 𝟮𝟬𝟮𝟲, 𝗼𝗿 𝗰𝗮𝗻 𝗶𝘁 𝗿𝗲𝗰𝗹𝗮𝗶𝗺 𝗶𝘁𝘀 “𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝗴𝗼𝗹𝗱” 𝗻𝗮𝗿𝗿𝗮𝘁𝗶𝘃𝗲 𝗶𝗳 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗰𝗿𝗲𝗱𝗶𝘁 𝘀𝘁𝗿𝗲𝘀𝘀 𝗲𝗮𝘀𝗲𝘀?
#trade #BTC #bitcoin #ETFs #GOLD