$BTC Has failed to push higher relative to stocks.
The recent relative weakness has come after the US has made a "Deal" with China.
This does show that BTC has turned into this asset which gets interesting for investors when outflows and uncertainty happens elsewhere.
So while BTC might underfperform stocks the last few days, the recent run up has still been pretty solid.
Will keep monitoring this ratio as the macro environment develops.
$BTC So far with a sharp rejection from the all time high BTC/SPX ratio. Not entire surprising hence me highlighting this chart this weekend.
It seems that the trade uncertainty was one of the driving factors at least in the eyes of investors.
With the US - China "Deal" made and Tariff uncertainty fading, stocks were the ones that benefitted most. This caused some selling on $BTC and for the BTC/SPX ratio to come down by about 5% so far.
At this point it's safe to assume BTC does act as a risk asset but does also tend to be an asset where money allocates into during these uncertain situations surrounding trade and issues with things like banks (March 2023).
As BTC is maturing and the market gets bigger, it will eventually work more and more like what it was designed for I think.
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