There's lots of moving pieces, but none of them are based on the correlation between BTC/usd.
Very informative and rational post and I really agree with most points, However I humbly and respectively disagree with this point.
I was skeptical too, but if you look at charts, from last month it would seem AM price is negatively correlated to BTC/USD, but from March to June AM's price grew totally unaffected by the BTC/USD bubble