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Feb 03
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WATCH
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Jake Ostroskis
Head of OTC Trading at Wintermute
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Bitcoin is currently trading strictly on the "Momentum Factor." It is not trading as a debasement hedge (Gold) or a risk-off asset. Since BTC is effectively a high-beta proxy for the Nasdaq, the primary risk is a rotation out of Tech/AI stocks (e.g., if Microsoft or NVIDIA roll over). If the "juice comes out of the AI trade," crypto will suffer a correlated drawdown regardless of its own fundamentals. WATCH Nasdaq and AI equities. If Tech momentum breaks, SHORT/AVOID Crypto. A sudden geopolitical shock could briefly flip BTC back to a "digital gold" correlation, invalidating the tech-beta thesis. |
The Block
Prediction markets and permissionless perps o...
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