Short term volatility and correlations are driven by liquidity and asset flows, not fundamentals. While this is true for both crypto and traditional assets, it is especially pronounced for digital assets given the relative size
To evaluate growing consumer demand, we focused on two onramps that are more geared towards or better suited for long term ownership vs. short term speculation
GBTC and Square Cash App trends suggest an increase in BTC purchases by consumers. Net demand turns positive.