New York Fed - The Bitcoin–Macro Disconnect: https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1052.pdf
Discussion
“In our empirical analysis, we find that Bitcoin is unresponsive to both monetary and macroeconomic news. In particular, the result that Bitcoin does not react to monetary news is puzzling as it casts some doubts on the role of discount rates in pricing Bitcoin.”
Well, we will see if macro plays a role in the next cycle.