Bitcoin is now a derivative of the S&P 500 .
It has failed to establish a price action of its own even after tremendous education and awareness
The Wall Street speculators control bitcoin now
Discussion
I think S&P moves in lockstep with the printing, and Bitcoin moves with both. But Bitcoin is eating the S&P too, though it’s still a tiny market cap relative to the S&P, so the portion it’s eating won’t be visible yet.
It’s like a 30-year fixed mortgage where the early payments are almost all interest, and it doesn’t eat much into the principal until later.
But it will.