Bitcoin often trades like a high-growth tech stock on short time frames. It moves with the Nasdaq, SaaS, and global liquidity. That confuses a lot of people. Because over the long term, bitcoin has massively outperformed all of them, and it's a completely different asset. But here’s how this is possible: Price is set by today's marginal buyer and marginal seller. A meaningful share of daily bitcoin volume likely comes from macro funds and trading desks running correlation trades: - bitcoin vs Nasdaq - bitcoin vs global liquidity - bitcoin vs IGV - bitcoin vs growth In the short term, they treat bitcoin like a high-beta liquidity asset. So when growth stocks sell off, bitcoin often sells off too. It has worked historically, and it has remained profitable to trade that relationship. That flow can dominate price for weeks or months. But over longer time frames, fundamentals take over. 1. Fixed supply. 2. Superior monetary properties. Short term: correlation and liquidity set the price. Long term: scarcity does.(Joe Burnett, MSBA)