Right now, equities and crypto seem correlated, with many claiming both are risk-on assets driven by global liquidity. That’s wrong. Equities are a risk-on asset within the carry trade, fueled by global liquidity; Bitcoin, however, isn’t part of anyone’s carry trade—yet. And for good reason.

At its core, Bitcoin is the anti-carry trade asset. Its n... See more

When bitcoin is in a deep bear market, its market capitalization has historically dipped a bit below its on-chain cost basis. When bitcoin is near or below its cost basis, that has historically been an excellent buying opportunity, and in the past I’ve pounded the table on it when it reached those levels. There’s no guarantee it’ll reach those lows... See more