Market Journal: BTC is the Tell
While Wall Street positions itself for what’s coming, Bitcoin continues to lead the way.
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Discussion
Bitcoin has been pointing the way lower for equities, and that continues this morning with BTC at fresh pullback lows.
BTC is not a real asset. It’s air. As such, it’s the ultimate risk on/risk off indicator because it’s a pure representation of the market’s willingness to speculate.
The reason for the juxtaposition of BTC’s decline and SPX/NDX buoyancy is more than likely Wall Street positioning itself for what’s to come: prop equities, crush VOL, position for a decline, all on the back of inflows to equities from those getting lured into the appearance of a new uptrend.
BTC is the tell.