Bitcoin Never Left
Rocketing above $42,000 like 2021 was yesterday. Don't call it a comeback.
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Bitcoin is up 57% over the past two months since rumors of imminent spot bitcoin ETF approval began swirling. Up 172% from its cycle bottom this time last year, it crossed $42,000 on Sunday in a dominant move that feels like we never left these levels in the first place:
To further illustrate the magnitude of this rally, this is the first time since the beginning of the 2020 bull run that bitcoin’s 40-day correlation with the S&P 500 flipped negative—a hallmark of BTC when it’s trouncing traditional risk assets: