Because the correlation skews wildly negative depending on the offset.

And that offset is fluctuating.

If you zoom out over a long period of time and squint then, yep, most of the time there’s a positive correlation, tho less likely a strong correlation.

So if you’re an investor and about to make a large bet, you’re gonna want a bit more than a fluctuating temporal correlation and “trust me, bro”.

For us bitcoiners, it doesn’t matter. Always stack.

But for institutions? They’re gonna need more fundamentals.

And if you look into why the global m2 has been growing so much lately, the fundamentals get clearer. Spoiler: it ain’t the US or China printing. It’s India.

Much of the m2 that’s propping up the chart at the moment is washed in trade.

Macro fundamentals look… uncertain.

Add it up, and one fickle indicator ain’t even close enough for the people with large bags of cash or looking to rotate in.