Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
The fact is that Bitcoin has zero correlation with other asset classes.
Not a fact. Even @aantop recognizes the correlation:
There's other more mathematically sound ways of identifying increasing correlation but they are too cumbersome and boring to reproduce at the moment.
Correlation cannot be observed over a brief crash. If bitcoin and stocks market crash at the same time, this has no (levy little) impact on correlation, that must be observed on long period to be meant significative.
Today's swings are due to more investors using different high leverage options that weren't available in 2017, thus there is no need to move huge amounts of coins around on-chain. BitMEX was around back then but not nearly as many people were using it as today. And now it has several competitors that weren't around back then, as well.
Correct, good point, maybe you are right, but I think volumes of this kind of leveraged trading is not so prominent in total trading amounts.