BTC and SPX correlation to US 10 year - 2 year spread
The hypothesis is that since 2018 BTC has behaved like a high beta equity. As monetary conditions tighten (yield curve flattens between 2 year and 10 year treasuries), investors move away from risky assets like BTC. When the yield curve moves towards inversion the market's appetite for BTC decreases significantly. Market participants may recall the many times in the past when yield curve inversions have correlated with recessions around 18 to 22 months after the inversion.
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