
Let's take USD out of the equation.
Bitcoin (BTC) priced in ounces of gold (XAU).
Will 2023 be another outlier or revert to model?🔥

Let's take USD out of the equation.
Bitcoin (BTC) priced in ounces of gold (XAU).
Will 2023 be another outlier or revert to model?🔥
Clear as day
Why so few points? The curve with respect to USD had more data.
Priced in gold:
Worst outlier so far. Could break the model.
what are the linear coefficients of the fit? With USD you had ln(mcap)=3.3 ln(SF)+14.6
I suspect that the changing SF of USD itself and it's artificial demand by US geopolitics introduces systematics in your fit. Gold, on the other hand has an almost const. SF and demand should also be almost const.